Panama debates regulating cryptocurrencies as a payment method

The Trade Commission for Economic Affairs of the Parliament of Panama is debating the two rules to regulate cryptocurrencies as a means of payment

The Trade Commission for Economic Affairs of the Parliament of Panama resumed the debate of the two bills that aim to regulate cryptocurrencies in the country. The proposals were presented by deputy Cenobia Vargas, last August, and independent assemblyman Gabriel Silva in September 2021.

The commission is analyzing both legislative proposals in order to select one of them or combine them and draft the final proposal of the commission, which would be sent to the Assembly for review.

The National Assembly of Panama reported through the instant messaging Twitter that a subcommission was created to unify the criteria of bill 696, which regulates “the use of cryptocurrencies as payment methods and everything related to blockchain technology in Panama and 697, Crypto Law: what makes Panama compatible with the digital economy”.

Scenario of cryptocurrencies

The legislative proposals differ in their approach to the regulation of digital currencies in the country. The proposal presented by Deputy Vargas, known as Bill 696, refers to the regulation of “bitcoin and ether”. And it includes other currencies in the regulation such as the “tether stable currency”.

Vargas also refers to “other types of tokens, such as NFTs (non-fungible tokens) or the 7even Utility Token (7UT)”, highlighting that “7UT would be an excellent means of payment for Panamanian businesses.”

For his part, Assemblyman Silva explains in his Bill 697 the potential that the regulation of cryptocurrencies “bitcoin and ether, and admitting them as a means of payment” would have. The deputy also explains in the project the opportunities that investors and entrepreneurs can have with the regulation of cryptocurrencies.

Currently, both Vargas and Silva are defending their respective proposals and answering each and every one of the doubts or questions from their colleagues within the commission. The latter will present its conclusions to the National Assembly so that it proceeds to discuss the project presented again, later they will proceed to its deliberation and vote.

If the project manages to advance and obtain a favorable result, it will be issued to the President of Panama, who will have the responsibility of definitively approving or rejecting the Law.

M. Rodríguez


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