A Panamanian legislature has introduced a bill to regulate cryptocurrencies in the National Assembly. The bill’s proposals include the legalization of cryptocurrencies such as Bitcoin and Ethereum as a means of payment, including the payment of taxes.
The proposed crypto law will “give legal certainty and security to crypto assets in Panama”
When the Bitcoin law came into effect in El Salvador, Panamanian lawmaker Gabriel Silva made it tweeted on September 7th “Today we proposed the crypto law.” He stated:
We want Panama to be compatible with blockchain, crypto assets and the internet. This has the potential to create jobs, attract investment and create transparency.
The bill that he presented to the National Assembly is entitled “Crypto Law: Making Panama Compatible with the Digital Economy, Blockchain, Crypto Assets and the Internet”.
Silva explained that the law should “revolutionize public administration, make it transparent and innovative and also promote a digital economy that reaches most citizens”.
The legislature outlined three main objectives of the bill. The first is to “give crypto assets in Panama, such as cryptocurrencies, legal certainty and security,” he described.
The second is to “attract businesses and investment and encourage entrepreneurship in Panama that are focused on the digital economy,” he added, noting that this will help create job creation.
The third is to “expand the range of financial services in Panama to ensure better prices for all”.
The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: “Natural persons residing in the Republic of Panama or legal persons organized in the Republic of Panama can freely agree to use crypto assets, including without limitation Bitcoin and Ethereum, as a means of payment for civil or Use commercial transactions that are not prohibited by the legal system of the Republic of Panama. “
In addition, Article 9 deals with the “possibility of paying taxes, fees and other tax obligations with crypto assets”. It is reading:
The organs and corporations of the Republic of Panama may receive payments for taxes, fees and other tax obligations in crypto-assets, including but not limited to Bitcoin and Ethereum, directly or through commissioned payment processors or agents.
“Panama cannot lag behind when it comes to technological innovations,” emphasized Silva. The proposed crypto law can be found here.
What do you think of this proposed Panama crypto law? Let us know in the comment section below.
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