On Thursday, April 28, the Panamanian legislature approved a project to regulate cryptocurrencies in the country.
Currently, the bill is on the desk of Panamanian President Laurentino Cortizo, awaiting signature or rejection.
Panamanian Congressman Gabriel Silva has drafted a bill to regulate the use of digital assets as a means of payment.
We are introducing Crypto Law. We aim to make Panama a country compatible with blockchain, crypto-assets and the Internet,
He said the adoption of the initiative will create “thousands of jobs,” attract investment, and “make the government transparent.”
The document allows for the use of cryptocurrencies for individual and commercial transactions. Residents are expected to be able to pay taxes and fees with digital assets.
Silva said in a commentary to CoinDesk that cryptocurrencies are currently not banned in Panama. The republic’s national currency is the Panamanian Balboa, which has been firmly pegged to the U.S. dollar since 1934. T