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Crypto law: Panama seeks to become crypto-friendly

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TL;DR Breakdown:

  • The government of Panama is presenting a crypto law to officially regulate and allow cryptocurrency and blockchain. 
  • The country will use Bitcoin as an alternative payment method for any civil or commercial operation.

Cryptocurrency adoption is gradually spreading across Central American countries, even to the authoritative level. Hours ago, the Panamanian congressman Gabriel Silva disclosed that the government is introducing a crypto law to officially recognize and regulate digital currencies. This will enable residents the freedom to transact and invest in cryptocurrency. 

Panama is preparing crypto law to allow nationwide adoption

As the congressman shared on Twitter, the crypto law is in tune to make the Central American country compatible with cryptocurrencies, blockchain technology, and the internet. The government recognizes that this regulatory move has the potential to “create thousands of jobs, attract investment and make the government transparent.”

Given the opportunities presented by cryptocurrency and blockchain, including the globally rising adoption of crypto, Panama “should not be left out,” Silva said. By introducing the crypto law to regulate the emerging asset class, the country seeks to become a more inclusive economy and to be at the forefront of innovation and technology.

Panamanian government acknowledges that cryptocurrencies allow for faster and cheaper payments irrespective of the distance between the parties involved in a transaction. They will recognize digital currencies like Bitcoin in its crypto law as a payment alternative for “any civil or commercial operation not prohibited by the legal system of the Republic of Panama.”

El Salvador leads Bitcoin adoption in Central America

The development today follows El Salvador’s move to legalize Bitcoin as a legal tender. As Cryptopolitan reported, El Salvador has officially approved Bitcoin as the digital currency of the nation. To commemorate the milestone, some of the residents will receive free $30 worth of Bitcoin, which they can choose to HODL or spend freely.

Bitcoiners are also coordinating to buy $30 worth of BTC in solidarity with the El Salvadorans. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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