Panama Looks Forward To Recognizing Cryptocurrency For Payments
Similar to the step taken by the government of El Salvador, now Panama is also interested in making Bitcoin payments legal by instigating a bill for acceptance.
The Country of Panama is going to instigate a bill that focuses on the approval of cryptocurrency-based payments for both local and commercial purposes. The one who first came up with the bill is Gabriel Silva, a member of an opposition party, formally known as ‘Bancada Independiente’. The bill was submitted to Congress in order to gain approval of regulation and approval of cryptocurrency to become a liable payment alternative for the people of Panama and to help the country progress in the financial sector.
Gabriel Silva Promoting Crypto and Blockchain
Gabriel Silva mentioned in a tweet that the main goal is for Panama to grow and become compatible with the power of blockchain technology, cryptocurrencies and the internet. Not only will this boost the economy of the nation, but it will also build up several potential investment and job opportunities. Additionally, it will also help “make the government transparent”. The tweet from Gabriel included a link to the copy of the draft bill and also had a video of himself explaining the bill attached to view. The tweet continued to a thread of tweets in which Gabriel used multimedia to explain the benefits of using cryptocurrencies as a legal payment alternative and the power of blockchain technology.
Contents of the Draft Bill
Looking at the draft bill, it included that the legislation would let cryptocurrencies become legal, and the people of Panama would make use of cryptocurrencies, paying for any services or products without having to worry about certain restrictions and constraints. Additionally, the draft bill contains a request to switch public records into blockchains, make legislative and admin measures become digital and also include the ability to give references to smart contracts or decentralized companies.
Unlike El Salvador’s law, businesses in Panama will not be forced to implement cryptocurrency payment systems but will have the free choice to implement whatever payment method suits them. The people of Panama will also be able to pay their taxes and other fees using cryptocurrency, so if the bill is passed, the people of Panama will gain a lot of benefits, having a very flexible payment system, making trade easier and far-reaching.
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