Panama to legalize the use of crypto coins

e_abrams

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Dec 11, 2020
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A day after El Salvador adopted Bitcoin as legal tender, the government in Panama introduced a bill to legalize the free use of crypto currencies such as Bitcoin and Ethereum.

The new bill, which will regulate the use of crypto currencies, aims to make the Latin American country “compatible with the block chain, crypto assets and the internet”, the authors of the legislation say.

The news was broke on Twitter by Congressman Gabriel Silva, who is a strong advocate of the block chain technology and the use of crypto coins in everyday life, and who said that the new piece of legislation has the potential to create thousands of jobs, a new investment sources and to make the government finances “more transparent”.

According to the the draft bill Panama will recognize all crypto assets like Bitcoin as an alternative global payment method for “any civil or commercial operation not prohibited by the legal system of the Republic of Panama.”

The authors of of the new legislation stress that crypto currencies facilitate fast and cheap transactions “regardless of the distance between parties and the transaction volume.”

Unlike the the new law in El Salvador, where local businesses will be required to accept Bitcoin as a legal tender in exchange for goods or services alongside the US dollar, Panama’s new crypto currency bill will not make the acceptance of crypto coins obligatory.

In a similar development in June South Africa also said to be looking for ways to regulate the crypto currency market in an effort to curb the growing number of crypto scams, which plague the most developed economy in Africa.
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I think this is pretty good news for cryptos. I just hope once this new law is implemented it won't cause another Bitcoin crash like the implementing of the El Salvadorian law appeared to do.