The bill that would regulate the use of cryptocurrencies in Panama was approved

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This bill seeks to “give stability to crypto-assets”, as well as “attract more investment” by regulating cryptocurrencies in Panama. 

Panama is getting closer and closer to the world of cryptocurrencies since a few days ago the National Assembly approved Bill No.697, which regulates the commercialization and use of crypto assets, issuing digital value, the tokenization of precious metals, and other goods, payment systems and also dictates other provisions.

The project was established, and this bill seeks to “give stability to crypto-assets”, as well as “attract more investment” by regulating cryptocurrencies in Panama, and was born from the initiatives of deputies Cenobia Vargas and Gabriel Silva.

This law is expected to “help Panama ‌consolidate as a ‘hub’ (node) of innovation and technology in Latin America,” said congressional representative Gabriel Silva.

But also the same congressional representative said that this is expected to help citizens because “50 percent of the population of Panama does not have a savings account, and this helps people to take part in the digital economy”.

According to this law, the National Bank would act as a supervisor of activities related to cryptocurrency trading in Panama.

Bill No.697, which was approved in its third debate, is expected to help create licenses to facilitate foreign and local investment for cryptocurrency companies in Panama, but it would also involve blockchain technology in different governmental processes such as the payment of taxes so that they can be more transparent.

It was also indicated through a statement that this project is still waiting to be approved by the Executive Branch so that it can then enter force, if so Panama would follow in the footsteps of El Salvador, President Laurentino Cortizo has 30 days to express his support for the project.

Source: Forbes Staff (2022, May 02).Se aprobó el proyecto de ley que regularía uso de criptomonedas en Panamá. Forbes Centroamérica. Retrieved May 05, 2022 from https://forbescentroamerica.com/2022/05/02/se-aprobo-el-proyecto-de-ley-que-regularia-uso-de-criptomonedas-en-panama/