2021-09-07 21:21:00

Panama Working Towards Officially Regulating Bitcoin and Ethereum

It seems like the news of El Salvador making bitcoin an official state currency are starting a trend amongst South American countries. For that matter, Panama is already in the process of regulating crypto just like El Salvador is preparing to do starting tomorrow. While Panama is only at the beginning of its objective, the plan to regulate crypto is already in motion.

Moreover, one Congressman in Panama, Gabriel Silva, revealed on Twitter that the crypto law is already introduced to the Parliament. The main purpose of this crypto law is to turn Panama into a fitting crypto and blockchain environment. In addition to learning how to properly and transparently govern the entire transition.

Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet. This has the potential to create thousands of jobs, attract investment and make the government transparent. Gabriel Silva | Congressman - Panama

Furthermore, Congressman Gabriel Silva reveals a draft bill that aims to use bitcoin and ethereum as the main crypto alternatives in Panama. The driving force behind the draft bill is definitely the perks that come from using crypto.

Specifically, with emphasis on minimal transaction fees and lightning-fast transactions. Which we must admit, is rather similar to El Salvador and their first steps towards regulating crypto.

While it is clear that the draft bill highlights the pros of crypto, it is nevertheless enticing. For that matter, there is a list of benefits that Panama can enjoy by employing crypto:

  • Fully regulated and legal crypto-transactions
  • Introduce blockchain to the public sector
  • Introduction of crypto and blockchain licenses
  • Attract foreign brands
  • Integrate blockchain tech with traditional banking means

This latest news from Panama only confirms what many experts predicted it would happen. A true domino effect, which is a result of El Salvador making the first move towards officially regulating crypto. And that is even more evident if you consider that Argentina, Venezuela and Columbia also expressed interest in regulating crypto, i.e. bitcoin.

Hence, news such as Panama officially regulating crypto may only be the beginning of an entire crypto-revolution.

 

 

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