In a plenary session, the Panama Legislative Assembly passed a measure to regulate crypto use in the country.
On Thursday, the cryptocurrency bill was adopted at a session. The bill’s specifics were first revealed on Twitter, according to Congressman Gabriel Silva’s post.
“All that’s left is for the President to sign it.” Thank you to everyone who assisted. This will aid in the creation of jobs as well as financial inclusion.”
Panama all set out to regulate crypto
The legislation controls the trade and use of crypto-assets, the issue of digital value, tokenization of precious metals and other assets, payment systems, and other regulations. The Assembly declared and informed the public about the new law.
Last week, the Panamian Legislative Assembly passed the cryptocurrency law, but it did not receive final approval.
The law, according to Silva, “would offer legal stability to crypto assets in Panama and expand the crypto business in the country to attract more investments and create more jobs.”
He also stated that blockchain technology and the Panamian government’s use of it would aid in improving the efficiency and transparency of the activities.
Panamanians can now use cryptocurrency to pay for any civil or commercial transaction that isn’t prohibited by Panamanian law.
The assembly passed the bill with 38 votes in favor, two abstentions, and 0 votes against. President Laurentino Cortizo will now sign it.
Despite having established a framework for the use of bitcoin and other cryptocurrencies as payment methods in the Panamanian economy, the nation has yet to make bitcoin legal money in El Salvador and the Central African Republic.
El Salvador was the first country to recognize bitcoin as legal tender last year, and the Central African Republic was the second country to do so lately.
Madeira, a Portuguese autonomous province, announced earlier this month that it would accept bitcoin as legal cash.
In addition to Madeira, the Honduran island of Roatan will accept bitcoin as a legal asset. The island is also considering making bitcoin tax-free.