Last June, when the president of El Salvador first hinted that he wanted to make bitcoin legal tender in his country, Gabriel Silva, a member of the Panamanian Congressman, praised the decision, also supporting the need for Panama to fully embrace technologies. innovative such as cryptocurrencies.
Now, Silva himself has announced via Twitter that he has recently submitted a cryptocurrency regulation bill to Congress, on the same day that the law went into effect in El Salvador. However, unlike the latter nation, which initially received strong criticism and rejection from some Salvadoran politicians, the legislature hinted that the bill gained the full support of both government and opposition parties.
The US dollar has been official legal tender in Panama since 1904. However, if the Crypto law is passed, bitcoin and other cryptocurrencies would also become accepted payment options in all spheres of the Panamanian economy. Traditional financial institutions such as banks will be allowed to manage cryptocurrencies, further increasing legality while attracting crypto-focused businesses.
That’s not all, the bill also seeks to make the nation a decentralized autonomous organization (DAO), digitize the identity of residents and legal entities via blockchain technology, while also allowing companies to tokenize their securities with the technology. of distributed ledger. Importantly, Silva has also hinted that he has held talks with entities that would make Panama’s crypto integration project as smooth as possible, including the Ministry of Finance and the National Bank, among others. And so far, feedback has been received from numerous stakeholders, including bitcoiners, legal professionals, and cryptocurrency-based companies.