Cryptocurrencies soon to be approved in Panama?
After the Central African Republic and Cuba, Panama becomes the last country to show white paw towards cryptocurrencies.
Indeed, this Thursday, April 28, the Panamanian National Assembly has validated the bill aimed at regulating the use of cryptocurrencies on its territory, whether for private or public use.
The bill encompasses both trading and using cryptocurrenciesthe issuance of digital securities, new payment systems as well as the tokenization of precious metals.
If this legislation were to be put in place, Panamanians could then use the cryptocurrencies as a means of payment for all their daily transactions, provided that these are in accordance with the laws of the country.
According to Gabriel Silvaa congressman in the National Assembly of Panama, this project not not limited to financial use :
“The bill goes beyond just token regulation, it sees bigger than the use of Bitcoin as legal tender, as El Salvador was able to do with its measure passed in September. »
As such, we can read in the cryptocurrency bill :
” […] The use of distributed ledger technology and blockchain in digitizing the identity of natural and legal persons in Panama and as a means of making the public service transparent. »
To be validated, the bill must however be validated by the Panamanian President Laurentino Cortizo. The latter may, under Panamanian law, decide to veto the project or to validate it.
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A positive measure for unbanked citizens
In the current state of the project, it could also allow Panamanian citizens to pay their taxes in cryptocurrencies. A measure frowned upon by experts, for whom it could strengthen Panama’s reputation as a country lacking in financial transparency.
This was confirmed Romain DromardManaging Director of the financial investment advisory firm K&B Family Office:
“Panama was already in bad shape and these payment methods evade the due diligence processes that international organizations are asking Panama to adopt. »
According to various experts, however, this new set of laws could greatly helping the unbanked. Indeed, Panama is a country where the Internet is well developed, but where only a quarter of the population has a bank account.
Moreover, it could also open a positive way to banks who have so far been rather unfavorable to the use of cryptocurrencies.
However, these new measures still require clarification on likely more global useespecially for businesses, as cryptocurrencies as a whole are exposed to market volatility
In any case, according to Gabriel Silva, the law help Panama become a center of innovation and technology in Latin America. »
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