A Panamanian legislator has introduced a bill to regulate cryptocurrency in the National Assembly. Among the proposals in the bill is the legalization of cryptocurrencies, such as bitcoin and ethereum, as a means of payment, including tax payments.
The proposed crypto law will ‘grant legal certainty and security to crypto assets in Panama’
As Bitcoin Law Goes into Force in El Salvador, Panamanian Lawmaker Gabriel Silva Makes BTC Legal Bidding chirp On September 7, “Today we proposed a crypto law.” He explained:
We want Panama to be compatible with blockchain, crypto assets and the Internet. This would create job opportunities, attract investment and achieve transparency.
The bill he presented at the National Assembly is titled “Crypto Law: Making Panama Compatible with the Digital Economy, Blockchain, Crypto Assets, and the Internet.”
Silva explained that the law “seeks to revolutionize public administration, make it transparent and innovative, and also promote a digital economy that reaches most citizens.”
Illustration of the proposed cipher. Source: Gabriel Silva
The legislator proceeded to identify three main objectives of the bill. The first is to “give legal certainty and security to crypto assets in Panama, for example, cryptocurrencies,” as he described it.
The second is to “attract companies, investment and encourage entrepreneurship in Panama that focuses on the digital economy,” he added, noting that this would help create jobs.
The third is “to expand the volume of financial services offered in Panama, and to ensure better prices for all.”
Illustration of the proposed cipher. Source: Gabriel Silva
The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: “Natural persons located in the Republic of Panama or legal entities organized in the Republic of Panama may freely consent to the use of crypto-assets, including but not limited to Bitcoin and Ethereum, as a means of payment for any civil or commercial operation. Not prohibited by the legal system of the Republic of Panama.”
Furthermore, Article 9 deals with “the possibility of paying taxes, fees, and other tax obligations using crypto assets.” read:
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 crypto assets, including but not limited to Bitcoin and Ethereum.
Silva emphasized that “Panama cannot be left behind in technological innovation”. The proposed cipher code can be found here.
What do you think of the proposed crypto law in Panama? Let us know in the comments section below.
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