- Panama emerges to be the latest country to make a move toward cryptocurrency regulation.
- If the bill gets approval by the President, citizens would be facilitated to utilize crypto for everyday payments.
- This bill seeks for the country to become a hub of technology innovation in Latin America, highlights one of the members of the National Assembly.
Several countries worldwide have been giving thought to legislation on cryptocurrencies. And now Panama has become the latest country to make a move in the crypto legislation space.
Citizens Can Also Pay Taxes Via Cryptocurrencies
The National Assembly recently passed a bill that will enable the private and public use of digital assets. The Assembly also highlighted that if the Panamanian President Laurentino Cortizo signs the bill into law, the citizens would also be allowed to pay taxes via cryptocurrencies.
According to Gabriel Silva, a member of the National Assembly, this bill seeks for the country to become a hub of technology innovation in Latin America. Silva is also one of the supporters of this bill.
If this bill gets approval, it would allow the citizens to purchase goods and services via digital assets at any legally operated commercial or civil business.
Silva further signifies that this project goes beyond the regulation of individual tokens, aiming to facilitate a wider scope than El Salvador’s decision to adopt the crowned cryptocurrency Bitcoin as a legal tender.
The project highlights that the law focuses on promoting the use of distributed ledger technology and blockchain in the digitalization of the identity of natural and legal persons in or from the Republic of Panama and as a medium to make the public function transparent.
Cryptocurrencies are constantly growing by leaps and bounds despite the criticisms by several authorities worldwide. This step by Panama comes following the Central African Republic becoming the second country to accept Bitcoin as a legal tender.
The acceptance of payments for daily needs indicates the true nature of Bitcoin and other altcoins which were initially designed to serve as payment methods for goods and services, eliminating or minimizing the need for things like credit cards, checks, and fiat currencies. It is to look forward to if this proposal gets signed into law by the President.
Source: https://www.thecoinrepublic.com/2022/04/29/panamas-national-assembly-passes-bill-focused-on-crypto-regulation/