06.12.2021

Panama is considering the law on recognition of cryptocurrencies as a means of payment

Following El Salvador,  Panama presented a draft law on the recognition of bitcoin and ethereum as a means of payment.

According to a number of government officials, such a step will make the government as transparent as possible, create many jobs for the population and attract new investments.

“We want to make Panama a blockchain and cryptocurrency compatible state,” said local independent MP Gabriel Silva on Twitter.

According to the draft document, the new regulatory framework recognizes cryptocurrency as an alternative method of payment for goods and services in the country for civil or commercial activities. The authors of the bill emphasize that cryptocurrencies can provide citizens with fast and cheap payments, allowing them to quickly and conveniently make cross-border transfers.

Unlike El Salvador, where the government obliged businesses to accept BTC along with the US dollar, Panama’s new cryptocurrency law leaves a tailor-made decision for both buyers and sellers.

Silva notes that the bill was prepared in conjunction with Panamanians and a multidisciplinary team, including industry and technology experts. Also, when developing the document, the important guidelines of the FATF and other relevant international organizations were taken into account.

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