Panama Announces Crypto Adoption in its Final Stages -Breaking
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Panama Announces Crypto Adoption In Its Final Stages- Panama accepts cryptocurrencies
- The suggestion awaits the president’s approval.
- It could even go far beyond the regulation of individual crypto-investments.
Panama’s national assembly has announced that it will be adopting crypto by passing a bill that will allow private and public use of digital assets. The suggestion is now awaiting Panamanian President Laurentino Cortizo’s approval, wherein citizens, afterward, will also be able to pay taxes using cryptocurrencies.
The announcement came in many tweets on the National Assembly’s official Twitter (NYSE:) page.
Aprobado en tercer debate el Proyecto de Ley No.697, que regula la comercialización y uso de criptoactivos, la emisión de valor digital, la tokenización de metales preciosos y otros bienes, los sistemas de pagos y dicta otras disposiciones. pic.twitter.com/a5e3niq5vX
— Asamblea Nacional (@asambleapa) April 28, 2022
It will enable Panamanian citizens to use cryptocurrencies to pay for goods and services at all legally-operated civil or commercial businesses. Gabriel Silva, member of Panamanian National Assembly, and one of those promoting the bill, explained that this project is more than just regulating tokens.
As the translated version of the project mentioned, the project aims to promote “the use of distributed ledger technology and blockchain in the digitalization of the identity of natural and legal persons in or from the Republic of Panama and as a means to make the public function transparent.”
Silva added:
The bill proposes that Panama be made a center for technology innovation in Latin America.
The Central African Republic has become the second country in the world to embrace cryptocurrency. “The African nation has also been working on creating a legal framework around the use of cryptocurrencies that will focus on defining how citizens can interact with digital assets,” said Finance Minister Herve Ndoba.
Ndoba also commented by saying that the Central African Republic is not trying to copy El Salvador – the first country to accept cryptocurrencies back in September 2021.
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