Economic Affairs Committee of the Panamanian Legislature, cryptocurrencies approved the bill regulating its use.
“New Law Will Support The Cryptocurrency Industry In Panama”
Congressman Gabriel Silva reported that the purpose of the law is to “give legal stability to cryptoassets in Panama” and “develop the crypto industry in the country to attract more investment and create jobs.”
In addition, the congressman said that with this law, the possibility of the adoption of Blockchain technology by the Panamanian government will be evaluated in order to increase transparency and efficiency in bureaucratic transactions.
After the Economic Affairs Committee approves the law, the bill should be discussed in a second meeting in the entire country’s parliament.
At this meeting, changes in the draft law may occur. After these stages, Panama President Laurentino Cortizo can veto or approve the bill.
Gabriel Silva said that the original bill submitted by him to the committee had been amended, but did not specify which parts were changed.
in 2021 bitcoin With the increasing prevalence of cryptocurrencies and cryptocurrencies, many countries around the world started to work on the regulation of this sector.
Shortly after El Salvador made Bitcoin the official currency, the Swiss city of Lugano and Bitcoin and Tether’s (USDT) announced that it had begun to be used as the legitimate currency in the region.
However, it is noteworthy that the legal developments about crypto money and Blockchain technology mostly take place in Latin America.
*Not investment advice.