The Republic of Panama proposes a bill to regulate cryptocurrencies

In Bitcoin (Bitcoin) Become the legal tender of El Salvador, Another country in Central America is working hard to realize the free use of cryptocurrencies such as Bitcoin and Ethereum (Ethereum).

On September 6, the Republic of Panama introduced a bill to regulate cryptocurrencies, aiming to make the country “compatible with blockchain, crypto assets and the Internet”.

Announce According to news on Twitter, Panama’s crypto-supporting MP Gabriel Silva emphasized that the new legal initiative has the potential to create thousands of jobs, create new sources of investment, and make the government “more transparent”.

According to the draft document shared Silva stated that the new legislation aims to recognize crypto assets such as Bitcoin as an alternative global payment method for “any civil or commercial activity not prohibited by the legal system of the Republic of Panama”. The author of the bill emphasized that cryptocurrencies can achieve fast and low-cost payments, enabling them to complete financial transactions “regardless of the distance between the parties and the volume of transactions.”

The Salvadoran government requires local businesses to accept Bitcoin in exchange for goods or services other than the U.S. dollar, and Panama’s new encryption law does not intend to force the acceptance of Bitcoin.On the contrary, the legislation requires the establishment of freedom to use cryptocurrencies such as Bitcoin and Ethereum in Panama and the local TV network Telemetro. Report.

related: Latin lawmakers open their eyes to support Bitcoin on Twitter

Silva stated that the draft of the new bill was prepared in collaboration with Panamanian citizens and a multidisciplinary team including industry and technical experts. He pointed out that the formulation of the legislation took into account important guidelines provided by international organizations such as the Financial Action Task Force.

In the process of El Salvador’s decision to accept Bitcoin as its official currency, more Central American countries began to enter the crypto industry.According to reports, in late August, a company in Honduras Installed the country’s first Bitcoin ATM, Allowing users to purchase BTC and ETH using the local legal currency lempira.