Panama approved a bill that legalizes the use of Bitcoin and cryptocurrencies

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For the third day in a row, the global cryptocurrency community sees a “Bitcoin law” project draw attention, this Thursday (28) in Panama. Last Tuesday (26), Brazil saw the Federal Senate approve the regulatory framework for cryptocurrencies.

On Wednesday (27), the Central African Republic made Bitcoin legal tenderbeing the second country after El Salvador to make this move.

Thus, the week is marked by a strong regulatory movement in different countries, which shows that the issue is still booming worldwide.

Panama approves in Congress a law to legalize cryptocurrencies

Located in Central America, Panama is yet another country to legalize cryptocurrencies, at least in its national parliament. That’s because, with only three debate sessions, the congressmen agreed on the rules.

Located between Colombia and Costa Rica, Panama is best known for its canal that allows ships to cross the Atlantic and Pacific oceans. In addition, the strength of the country is tourism and economic incentives for retirees, which make it a destination for many older adults who want to enjoy the small country.

However, Panama hopes to go further and become a technological hub in Latin America, according to congressman Gabriel Silva. In an interview with the local newspaper ECO TV, he said that the country’s strategy continues to seek a way out of the economic crisis with non-traditional technologies.

Unlike The Savior and the Central African Republic, Panama does not make bitcoin a legal tender, but an optional currency for the country.

Thus, a businessman who wants to accept bitcoin as a means of payment can normally do so under the new law, although he could do so before this legislation. The parliamentarian’s justification is that there is now legal support for this action.

Second, the government hopes to attract businesses and generate revenue for the country. Finally, the new Panamanian law gives the government the possibility to use blockchain technology normally, taking advantage of it to innovate.

“It only remains for the president to sign”

According to the deputy who shared the news with Panamanians through their social networks, the project must generate income and he welcomes this measure. However, the sanction of Panamanian President Nito Cortizo is still pending.

“The only thing missing is the president’s signature! Thanks to everyone who supported. This will help create jobs and financial inclusion.”

As the president of Panama is enthusiastic about entrepreneurs and job creation, it is not yet clear if he will create barriers for the approval of this law in his country. In any case, he has never spoken publicly about cryptocurrencies, which could still raise questions about how he views the new law coming to his cabinet for his approval.

In any case, if this situation evolves and the country approves the law, it will be one more to open the doors to this technology.

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