Key facts:
The proposal raises the acceptance of bitcoin and other cryptocurrencies as a means of payment.
The law also seeks to incorporate the use of blockchains in public administration procedures.
The National Assembly of Panama took the first steps to open the doors to bitcoin (BTC) and cryptocurrencies. This was achieved with the approval, in the first discussion, of legislation that seeks to regulate the use of crypto assets in that territory.
Gabriel Silva, Panamanian congressman and one of the promoters of the law, explained on his Twitter social network account that the project It is important for your country because it seeks to give legal stability to crypto assets.
On the other hand, he pointed out that another of the objectives of the legislation is develop the cryptocurrency industry while attracting investment that generates employment.
In that sense, the project proposes the admission of bitcoin and other cryptocurrencies as a means of payment throughout the Panamanian territory. Specifically mentioned are the Ethereum cryptocurrency, ether (ETH), as well as XRP, litecoin (LTC), XDC Network (XDC), elrond (EGLD), stellar (XLM), IOTA and Algorand (ALGO).
However, the proposal does not require the use of bitcoin as a means of payment. According to Silva, it is optional. “If the business wants to receive it, there is no problem” he said in response to one of his followers On twitter.
The regulations to implement these payment systems would be dictated in other provisions, while the National Bank of Panama would be designated as the supervisory entity for the activity.
Additionally, the payment of taxes for the holding of crypto assets is proposed, excluding holdings from this concept. derived from cryptocurrency mining.
The congressman highlighted the fact that the use of platforms is included in the nation’s digital agenda. blockchains in the services offered by the government. The idea is that there is “more transparency and more efficiency in public procedures,” she said. This would encompass a digitization process of identities.
The law also provides for the “issuance of digital value, the tokenization of precious metals and other goods.”
Silva acknowledged that the approved bill “is not perfect, it underwent some modifications,” he commented. In that sense, asked their fellow citizens to send them suggestions and opinions to enrich the debate in the second discussion of the project.
Two projects merged
The new project, as Silva said, was modified during the debate and this is due, in part, to the fact that two bills that had been previously presented were unified, as CriptoNoticias reported last February.
Silva presented bill 697, while bill 696 was proposed by deputy Cenobia Vargas in August 2021. From these two proposals a new document was born. The merger was confirmed by the National Assembly in a post on his Twitter account.
After this first discussion, the project must be submitted to new debate and approval processes until it reaches final approval. Until now dates have not been indicated for these new phases.