On September 6, the Republic of Panama presented a bill on the regulation of digital assets, with the aim of make the country “compatible with blockchain, cryptocurrencies and the Internet“.
Announcing the news on Twitter, Panamanian pro-crypto MP Gabriel Silva stressed that the new initiative could generate thousands of new jobs, create new sources of investment and make the government “more transparent.“
According to the bill shared by Silva, the new legislation intends to recognize cryptocurrencies 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 the proposal pointed out that cryptocurrencies allow for quick and low-cost payments, allowing you to finalize financial exchanges “regardless of the distance between the parties and the volume of the transaction.“
Unlike the government of El Salvador, which required local businesses to accept Bitcoin in exchange for goods or services, Panama’s new cryptocurrency law it will not impose mandatory acceptance of digital assets.
Related: South American lawmakers wear laser eyes on Twitter in support of Bitcoin
Silva said the new bill was prepared in collaboration with Panamanian citizens and a multidisciplinary team, including industry and technology experts. Furthermore, the legislation was created taking into account guidelines provided by international organizations such as the Financial Action Task Force.
Other nations in Latin America are also getting closer to the world of cryptocurrencies. In late August, a company in Honduras installed the country’s first Bitcoin ATM, thus allowing users to purchase BTC and ETH using their local fiat currency.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.