The Crypto Law is aimed at making Panama “compatible with the digital economy, blockchain, crypto assets and the internet.”
Lawmakers in Panama have passed a bill that will regulate cryptocurrencies, including Bitcoin, in the Latin American country.
In
a Thursday tweet, Panamanian pro-crypto congressperson Gabriel Silva
said lawmakers had approved the "Panama Crypto Law" following a third
debate. According to Silva, the law will “help Panama become a hub of
innovation and technology in Latin America.”
According to Panama’s National Assembly, the Crypto Law is aimed
at regulating “the trading and use of crypto assets, the issuance of
digital value, the tokenization of precious metals and other assets,
payment systems and other provisions.” However, Panamanian President
Laurentino Cortizo must sign the approved bill before it becomes law.
“This will help create jobs and financial inclusion,” said Silva on the passage of the bill.
In September 2021 — the same day El Salvador began recognizing Bitcoin (BTC) as legal tender — Silva helped introduce the bill
to the National Assembly of Panama, with the legislation aimed at
making the country “compatible with the digital economy, blockchain,
crypto assets and the internet.” The bill moved out of the Economic
Affairs Committee on April 21 before being approved by the National
Assembly.
In contrast to El Salvador’s Bitcoin Law, which
required local businesses to accept Bitcoin, Panama’s Crypto Law, if
passed, would likely give residents and businesses the option of using
and accepting cryptocurrency. According to an early draft of the bill,
many businesses would not need a special license to accept crypto.
Related: Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies
It’s
unclear if the passage of the Crypto Law would lead Panama to accept
Bitcoin or other cryptocurrencies as legal tender alongside the balboa
and U.S. dollar. El Salvador began recognizing BTC as legal tender in
September 2021 following the passage of its law in the Salvadoran
Legislative Assembly, and the Central African Republic announced on
Wednesday its residents would be able to use Bitcoin as legal tender in addition to the country's franc.
source link : https://cointelegraph.com/news/panama-s-legislature-approves-bill-regulating-crypto
