A Panamanian lawmaker introduced a bill in the National Assembly to regulate cryptocurrency. The bill includes proposals for legalizing cryptocurrencies like bitcoin and ethereum as a method of payment, and even to pay taxes.

Proposed Crypto Law will ‘Give Legal Security and Safety to Crypto Assets In Panama ‘

As the Bitcoin Law went into effect in El Salvador making BTC legal tender, Panamanian legislator Gabriel Silva tweeted on Sept. 7, “Today we proposed the Crypto Law.” He elaborated:

We want Panama to be compatible with blockchain, cryptoassets, and the internet. This could create jobs, attract investments and bring transparency.

The draft law that he presented to the National Assembly is called “Crypto Law: Making Panama compatible the digital economy, Blockchain, cryptoassets and the internet .”

Silva stated that the law “seeks revolutionize public administration making it transparent and innovative, as well as promoting a digital economy which reaches most citizens .”

The lawmaker then outlined three main objectives of the bill. He explained that the first objective is to provide legal certainty and safety for crypto assets in Panama.

The second is to “attract investment and encourage entrepreneurship” in Panama, he said. He also noted that this will create jobs.

The third is to “broaden Panama’s financial services, guaranteeing better prices for all .”

The proposed law also addresses crypto assets in Panama. The bill’s 8th article states that “Natural persons located within the Republic of Panama and legal entities organized in Panama may freely consent to the use of cryptoassets, without limitation bitcoin or ethereum as means of payment in civil or commercial operations not prohibited by law of the Republic of Panama “.

Furthermore Article 9 discusses the “Possibility to pay taxes, fees, and other tax obligations using cryptoassets.”

The bodies and entities of the Republic of Panama may receive payments, directly or through payment processors or agents contracted for this purpose, for taxes, fees and other tax obligations in cryptoassets, including without limitation bitcoin and ethereum.

Silva emphasized that “Panama cannot be left behind in technological innovations.” The proposed crypto law can be found here.

What do you think about this proposed crypto law in Panama? Comment below.

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