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Will Panama Adopt Bitcoin And Other Cryptocurrencies As Legal Tender?

 


It looks like Panama is following El Salvador in its plans to adopt Bitcoin and other cryptocurrencies like the XDC network as legal tender.


Panama follows in the footsteps of other Central American countries such as El Salvador, Lugano and Honduras Prospera.


Panama will soon accept bitcoin and other cryptocurrencies, including the XDC network, after the National Assembly approves the first steps.


In the first debate, legislation was passed in an attempt to control the use of crypto assets. This is crucial for Panama because it aims to bring legal stability to crypto assets, according to Congressman Gabriel Silva.


The second aim of the law is to grow the crypto business and generate investments that create jobs. 


This is the plan for the acceptance of Bitcoin and other cryptocurrencies throughout Panama.


In Panama, however, the use of cryptocurrencies is not mandatory but voluntary. In response to a tweet from a follower, he said:


"If the company wants to get it, there's no problem."


In the future, taxes may also be levied on cryptocurrency holdings. The congressman says:


“More transparency and more efficiency in public procedures.”


This can be achieved by incorporating blockchain technology into government functions. A process for digitizing identity would be included and precious metals and other items would be tokenized.


According to Silva, during the discussion, the new proposal was modified in part due to the unification of two laws that had previously been introduced, as reported by CriptoNoticias in February last year. By combining these two ideas, a new document was conceived. 


The National Assembly announced on Twitter that the merger was complete.


After this initial discussion, the proposal must go through further debates and approval processes before it is finally approved. So far, no dates have been given for these following stages.

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