Bitcoin News and Finance
Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama Skip to main content

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama

Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama

A Panamanian lawmaker has introduced a bill to regulate cryptocurrencies in the National Assembly. Among the proposals in the bill is the legalization of cryptocurrencies, like bitcoin and ethereum, as a means of payment, including for paying taxes.

Proposed Crypto Law Will ‘Give Legal Certainty and Safety to Crypto Assets in Panama’

As the Bitcoin Law went into effect in El Salvador making BTC legal tender, Panamanian legislator Gabriel Silva tweeted on Sept. 7, “Today we proposed the Crypto Law.” He elaborated:

We want Panama to be compatible with blockchain, cryptoassets, and the internet. This has the potential to create jobs, attract investment and bring transparency.

The draft law he presented in the National Assembly is titled “Crypto law: Making Panama compatible with the digital economy, blockchain, cryptoassets, and the internet.”

Silva explained that the law “seeks to revolutionize public administration, making it transparent, innovative and also promoting a digital economy that reaches most of the citizens.”

Illustration of the proposed Crypto Law. Source: Gabriel Silva

The lawmaker proceeded to outline three key objectives of the bill. The first is “to give legal certainty and safety to crypto assets in Panama, for example, cryptocurrencies,” he described.

The second is to “attract companies and investment and encourage entrepreneurship in Panama that are focused in digital economy,” he added, noting that this will help create jobs.

The third is to “broaden the amount of financial services that are offered in Panama, ensuring better prices for everyone.”

Illustration of the proposed Crypto Law. Source: Gabriel Silva

The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: “Natural persons located in the Republic of Panama or legal entities organized in the Republic of Panama may freely agree to use cryptoassets, including without limitation bitcoin and ethereum, as means of payment for any civil or commercial operation not prohibited by the legal system of the Republic of Panama.”

Furthermore, Article 9 addresses the “Possibility of payment of taxes, fees and other tax obligations with cryptoassets.” It reads:

The bodies and entities of the Republic of Panama may receive payments, directly or through payment processors or agents contracted for this purpose, for taxes, fees and other tax obligations in cryptoassets, including without limitation bitcoin and ethereum.

Silva emphasized that “Panama cannot be left behind in technological innovations.” The proposed crypto law can be found here.

What do you think about this proposed crypto law in Panama? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory