Panama is reportedly working on a crypto regulation that might legalize Bitcoin ($BTC) and Ethereum ($ETH) as legal modes of payment. Panamanian Congressman Gabriel Silva took to Twitter to announce that they have introduced a Crypto Law in the parliament in hopes of making the country compatible with blockchain and crypto assets and bringing more transparency into governance. A translation of the congressman’s tweet read,
“Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet. This has the potential to create thousands of jobs, attract investment and make the government transparent.”
Hoy presentamos la Ley de Cripto. Buscamos hacer a Panamá un país compatible con el blockchain, los criptoactivos y el internet.
Esto tiene el potencial de crear miles de empleos, atraer inversión y transparentar el gobierno
— Gabriel Silva (@gabrielsilva8_7) September 6, 2021
Silva also shared the draft bill along with the tweet which plans to make Bitcoin and Ethereum alternative modes of transaction in the country. The draft bill makes note of crypto advantages such as fast mode of payment and cheaper transaction cost. The acceptance of these crypto-assets would depend on the retailer as there is no mandatory acceptance. Some of the key highlights of the Crypto Bill includes,
- Give legal certainty to crypto-asset transactions in Panama
- Encourage the use of blockchain technology in the public sector
- Creation of licenses to promote ventures related to digital technology and “blockchain”
- Attract foreign companies
- Make the “blockchain” compatible with traditional financial institutions such as banking
Has El Salvador’s Bitcoin Adoption Created a Domino Effect?
El Salvador created history as Bitcoin ($BTC) became a legal tender in the country today. The small Central American nation has passed the Bitcoin bill in June making it a law. The country is celebrating September 7 as “Bitcoin Day.” The country has added 400 BTC worth $21 million to their treasury as well making them the only country to do so.
El Salvador’s Bitcoin adoption might have triggered a domino effect as more financially challenged and small nations look to experiment with the top cryptocurrency. Before Panama, a few other nations have also shared their interest in using Bitcoin as a form of payment including Argentina and Colombia.