Legislative Assembly of Panama sanctions cryptocurrency law

The Parliament of Panama approved the Cryptocurrency Law that contemplates, by companies, the option of accepting virtual currencies as a form of payment

Panama advances on its way to regulate the use of cryptocurrencies in the country. The Legislative Assembly approved the cryptocurrency bill, which regulates the “commercialization and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other provisions.”

The next step is for the president of the country to endorse and authorize the execution of the law so that it comes into force and citizens can purchase their goods and services daily, if they wish, with cryptocurrencies.

Deputy Gabriel Silva stressed that with the entry into force of the law, it will allow the “Central American country to become a center of innovation and technology in Latin America.” He also pointed out that 50 % of the population is not banked and the cryptocurrency law will help them to write off their assets.

Payment of taxes with cryptocurrencies

The Panamanian cryptocurrency law differs mainly from the one approved in El Salvador because in Panama the acceptance of crypto depends on the desire of the merchant, while in El Salvador the law maintains that “a business must accept Bitcoin if it has the technological means to do so”.

“Today I can go pay something to a merchant, and if the merchant wants to accept crypto, it is allowed, it is legal. Until today, that did not exist in Panama, we are making it a reality,” Silva said.

On the other hand, the bill approved by the Assembly contemplates that you validate as a form of payment “for any civil or commercial legal operation, including the payment of taxes, fees and rights to the government.”

The cryptocurrencies contemplated by the law as a form of payment are: bitcoin, ethereum, XRP, Algorand, Stellar and others that will be published soon.

M. Rodríguez

Source: decrypt.co

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