Panama's Congressman, Gabriel Silva, presented a bill to regulate cryptocurrencies in the country
Panama's Congressman, Gabriel Silva, presented a bill to regulate cryptocurrencies in the country By Angel Di Matteo @shadowargelThe

initiative by the deputy seeks to lay legal foundations to regulate digital currencies and Blockchain

technology within Panama.

***

The independent deputy for circuit 8 – 7 of the Assembly of Panama,

Gabriel Silva, presented today a bill specially designed to regulate cryptocurrencies within the Central American country.

New crypto bill in Panama

This was revealed by the same deputy Silva in a video published through his official Twitter account ,

where he shared with his followers the news and indicated that with the

“Crypto Law”

aims to

boost the digital economy within the country, as well as provide greater transparency within the public administration making the country compatible with cryptocurrencies, Blockchain

technology and the Internet, bringing with it many more benefits in the medium and long term.

About the project, Silva commented

:

“The bill is quite simple and seeks as a first point to give certainty and legal security in Panama to cryptoassets, such as cryptocurrencies. The second thing that the project seeks is to attract companies, attract investment, and help encourage entrepreneurship … that focus on the digital economy. This is positive because it helps to foster and create jobs. And the third thing it seeks is to expand the amount of financial services offered in Panama, in order to ensure better prices for everyone”.

Silva originally announced in mid-June this year that he was already working fairly on a bill to boost the adoption of cryptocurrencies in the country. For critics and analysts, the congressman would be closely following in the footsteps of El Salvador from the moment it was announced.

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officially announced its intention to make the Bitcoin into the official currency of the Central American country.

The need to regulate cryptocurrencies

Reviewing the bill, the same is accompanied by an exposition of motives in which some important clarifications are made in this regard, among which are the importance of the Internet, Blockchain and cryptocurrencies as a means of transferring value native to it, as well as the importance of quickly regulating these assets due to the great boom they have been registering.

Among the considerations presented within the bill is the fact of establishing tax responsibilities around the commercialization of digital currencies, allowing interested parties to agree on commercial transactions where payments are received with cryptocurrencies, the possibility of paying taxes with such assets, among others.

Silva also stressed that the bill was built by a multidisciplinary team and that this is a first initiative, so they are still receiving input and invite interested parties to participate in related discussions. He was also very emphatic that Panama could not be left behind in terms of technological innovation.

El Salvador will officialize Bitcoin as a legal currency

The announcement of the Salvadoran congressman comes a day before the new law comes into force in El Salvador, with which the Bitcoin in El Salvador, with which the cryptocurrency acquires legal status and will be incorporated as official currency at the local level.

In this regard, the president of El Salvador, Nayib Bukele, repeatedly expressed his enthusiasm for this milestone and announced today that the country made its first official purchase of 200 BTC, for which he invested about $ 10 million to start generating reserves in the digital currency.

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Recommended reading

Source: Twitter, Bill

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash