Panama follows El Salvador, introduces bill to recognize cryptos as an alternative payment option By BTC Peers

0
23
Panama follows El Salvador, introduces bill to recognize cryptos as an alternative payment option

The Republic of Panama has put forward a bill to regulate cryptocurrencies in a bid to make the country compatible with the blockchain, crypto assets, and the internet.

Panamanian crypto-friendly congressman Gabriel Silva announced the news via Twitter (NYSE:) stressing that the new initiative has the potential to create thousands of jobs and new investment opportunities, as well as make the government more accountable.

The draft bill aims to recognize crypto assets like 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 bill argued that cryptocurrencies give room for fast and low-cost payments, allowing them to process financial transactions “regardless of the distance between parties and the transaction volume.”

The move trails El Salvador’s decision to make Bitcoin legal tender. However, in contrast to El Salvador’s Bitcoin law, which requires businesses to accept Bitcoin as means of payment alongside the U.S. dollar, Panama’s new legislation, if enacted, will not make acceptance of cryptocurrencies mandatory. Rather citizens and businesses will be free to choose whether they want to accept crypto or fiat as payment. Panamanians will be able to pay taxes, fees, and other tax obligations using cryptocurrency just like Salvadorians.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.