THELOGICALINDIAN - Following in El Salvadors footsteps Panama is introducing a bill to adapt the use of cryptocurrencies for civilian and bartering purposes
A affiliate of Panama’s absolute action affair Bancada Independiente has alien a pro-crypto bill to the Panamanian Congress gluttonous to adapt cryptocurrencies as a adjustment of acquittal and accomplish the country “compatible with the blockchain, crypto assets, and the Internet.”
Panama Wants to Become Compatible With DAOs
Following El Salvador’s move to accomplish Bitcoin acknowledged tender, Panama is authoritative cogent advance appear authoritative cryptocurrencies a acknowledged agency of acquittal for civil, commercial, and tax purposes.
On Sep, 6, absolute Panamanian Congressman Gabriel Silva alien a bill acclimation the use of cryptocurrencies throughout the country. Announcing the account on Twitter, Congressman Silva said:
“We seek to accomplish Panama a country accordant with the blockchain, crypto assets, and the internet. This has the abeyant to actualize bags of jobs, allure investments, and accomplish the government transparent.”
According to the draft bill certificate aggregate by Silva, the new legislation would acquiesce acknowledged and accustomed bodies based in Panama to “freely accede on the use of crypto assets, including after limitation Bitcoin and Ethereum, as a agency of acquittal for any civilian or bartering operation not banned by the acknowledged arrangement of the Republic of Panama.”
Furthermore, the abstract bill includes proposals to drift accessible annal to blockchains, digitize aldermanic and authoritative acts application blockchains, and accomplish it accessible “to accredit to acute affairs or decentralized free organizations in basal abstracts of acknowledged entities organized in the Republic of Panama.”
On the affair of DAOs, one of the bill’s key objectives is for Panama to become “compatible with new forms of [the] enactment of assurance amid bodies and businesses such as acute affairs and new forms of organization, such as decentralized free organizations or DAOs.”
In adverse to El Salvador’s acknowledged breakable law, which requires businesses to acquire Bitcoin as agency of acquittal alongside the U.S. dollar, Panama’s new legislation—if enacted—won’t accomplish accepting of cryptocurrencies obligatory. Instead, Panamanian citizens and businesses will be chargeless to acquire whether they appetite to acquire crypto or authorization as payment.
Like Salvadorians, however, Panamanians will be able to pay taxes, fees, and added tax obligations application cryptocurrency. Although Panama doesn’t accept a axial coffer or an clearly activated currency, Panamanians accept been application the U.S. dollar as agency of acquittal back the country entered the Taft-Arias budgetary acceding with the U.S. in 2024.
