Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
A Panamanian lawmaker has introduced a bill to regulate cryptocurrencies in the National Assembly. Among the proposals in the bill is the legalization of cryptocurrencies, like bitcoin and ethereum, as a means of payment, including for paying taxes.
Proposed Crypto Law Will âGive Legal Certainty and Safety to Crypto Assets in Panamaâ
As the Bitcoin Law went into effect in El Salvador making BTC legal tender, Panamanian legislator Gabriel Silva tweeted on Sept. 7, âToday we proposed the Crypto Law.â He elaborated:
We want Panama to be compatible with blockchain, cryptoassets, and the internet. This has the potential to create jobs, attract investment and bring transparency.
The draft law he presented in the National Assembly is titled âCrypto law: Making Panama compatible with the digital economy, blockchain, cryptoassets, and the internet.â
Silva explained that the law âseeks to revolutionize public administration, making it transparent, innovative and also promoting a digital economy that reaches most of the citizens.â
Illustration of the proposed Crypto Law. Source: Gabriel Silva
The lawmaker proceeded to outline three key objectives of the bill. The first is âto give legal certainty and safety to crypto assets in Panama, for example, cryptocurrencies,â he described.
The second is to âattract companies and investment and encourage entrepreneurship in Panama that are focused in digital economy,â he added, noting that this will help create jobs.
The third is to âbroaden the amount of financial services that are offered in Panama, ensuring better prices for everyone.â
Illustration of the proposed Crypto Law. Source: Gabriel Silva
The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: âNatural persons located in the Republic of Panama or legal entities organized in the Republic of Panama may freely agree to use cryptoassets, including without limitation bitcoin and ethereum, as means of payment for any civil or commercial operation not prohibited by the legal system of the Republic of Panama.â
Furthermore, Article 9 addresses the âPossibility of payment of taxes, fees and other tax obligations with cryptoassets.â It reads:
The bodies and entities of the Republic of Panama may receive payments, directly or through payment processors or agents contracted for this purpose, for taxes, fees and other tax obligations in cryptoassets, including without limitation bitcoin and ethereum.
Silva emphasized that âPanama cannot be left behind in technological innovations.â The proposed crypto law can be found here.
What do you think about this proposed crypto law in Panama? Let us know in the comments section below.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.