Panama approves law to legally accept Bitcoin

Panama Bitcoin Cryptocurrencies
  • The National Assembly of Panama approved its law to regulate the use of Bitcoin and other cryptocurrencies in the country.
  • The new law covers the regulation for the use of cryptocurrencies, mining activities and even the tokenization of real assets.
  • Now all that remains is for the President of the Republic, Laurentino Cortizo, to sign the bill.

The legislators of the National Assembly of Panama have recognized Bitcoin and other cryptocurrencies as legal means of payment in that country. This Thursday, April 28, the cryptocurrency bill was definitively approved in the Central American country, which even contemplates its use for the payment of taxes.

Through the social network Twitter, the official account of the National Assembly of Panama disclosed that the regulatory framework was approved in its third debate. The bill, number 697, not only contemplates the use and payment systems with Bitcoin and other cryptocurrencies in Panama, but also covers everything related to its commercialization, cryptocurrency mining, and even everything related to the tokenization of real assets, such as precious metals and other goods.

The independent deputy Gabriel Silva, who was the main promoter of this legislation, celebrated the news via Twitter, stating the following: “The Crypto Law of Panama has been approved! This will help Panama consolidate itself as a hub for innovation and technology in Latin America! «. It should be noted that said legal framework is entitled “law by which the commercialization and use of cryptoactives, the issuance of digital value, the tokenization of precious metals and other goods, payment systems and other provisions are regulated.”

Likewise, Silva clarified that now only the signature of the President of the Republic of Panama, Laurentino Cortizo, would be missing for the official launch of the law. The deputy also stated that this new legal framework will encourage job creation and financial inclusion in that country. “The only thing missing is the President’s signature! Thanks to everyone who supported me. This will help create jobs and financial inclusion”, he sentenced.

The final approval of this regulatory framework came a week after the first step was taken for its recognition as law. As reported by The Market Times, on April 21 the National Assembly of Panama approved for the first time the bill to regulate activities with Bitcoin and other cryptocurrencies in the country. Silva broke the news via Twitter last week. This event was the first step to definitively approving the Law on Bitcoin and other cryptocurrencies in Panama, which is practically a reality.