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Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama

A Panamanian lawmaker has actually presented a bill to regulate cryptocurrencies in the National Assembly. Among the propositions in the bill is the legalization of cryptocurrencies, like bitcoin and ethereum, as a way of payment, consisting of for paying taxes.

Proposed Crypto Law Will ‘Give Legal Certainty and Safety to Crypto Assets in Panama’

As the Bitcoin Law entered into impact in El Salvador making BTC legal tender, Panamanian lawmaker Gabriel Silva tweeted on Sept. 7, “Today we proposed the Crypto Law.” He elaborated:

We desire Panama to work with blockchain, cryptoassets, and the web. This has the capacity to produce tasks, draw in financial investment and bring openness.

The draft law he provided in the National Assembly is entitled “Crypto law: Making Panama suitable with the digital economy, blockchain, cryptoassets, and the web.”

Silva discussed that the law “looks for to reinvent public administration, making it transparent, ingenious and also promoting a digital economy that reaches the majority of the residents.”

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama
Illustration of the proposed Crypto Law. Source: Gabriel Silva

The lawmaker continued to overview 3 crucial goals of the bill. The initially is “to provide legal certainty and security to crypto properties in Panama, for instance, cryptocurrencies,” he explained.

The 2nd is to “draw in business and financial investment and motivate entrepreneurship in Panama that are focused in digital economy,” he included, keeping in mind that this will assist produce tasks.

The 3rd is to “widen the quantity of monetary services that are used in Panama, making sure much better costs for everybody.”

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama
Illustration of the proposed Crypto Law. Source: Gabriel Silva

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The proposed law also resolves making use of crypto properties in Panama. Article 8 of the bill states: “Natural individuals situated in the Republic of Panama or legal entities arranged in the Republic of Panama might easily concur to utilize cryptoassets, consisting of without restriction bitcoin and ethereum, as ways of payment for any civil or industrial operation not restricted by the legal system of the Republic of Panama.”

Furthermore, Article 9 addresses the “Possibility of payment of taxes, charges and other tax responsibilities with cryptoassets.” It checks out:

The bodies and entities of the Republic of Panama might get payments, straight or through payment processors or representatives contracted for this function, for taxes, charges and other tax responsibilities in cryptoassets, consisting of without restriction bitcoin and ethereum.

Silva stressed that “Panama cannot be left in technological developments.” The proposed crypto law can be discovered here.

What do you think of this proposed crypto law in Panama? Let us understand in the comments area below.



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