The Panama Legislative Assembly passed Thursday a bill that would regulate the use of crypto in the country. The bill, introduced by Congressman Gabriel Silva, aims to create a framework for the country’s innovation and technology industries. It will also help strengthen the country’s financial integration and create jobs.
What does crypto bill in Panama mean?
The new law regulates various aspects of the cryptocurrency market. It also includes establishing payment systems and the exchange of digital value. The bill was approved last week by the country’s legislature. After receiving final approval, the President of Panama can veto it.
According to the author of the bill, the legislation aims to create a stable and secure environment for developing the cryptocurrency sector in Panama. He noted that the bill also seeks to get the government to adopt blockchain technology to improve the efficiency and transparency of its procedures.
Silva’s bill stipulates that the cryptocurrency adoption will be “optional,” with merchants being able to refuse crypto payments stated:
“It’s optional here in Panama.” If I have a cryptocurrency in Panama and I want to pay with it and [the seller] does not want to accept it, [the seller] is not obliged to get it. Moreover, the Salvadoran law only talks about bitcoin. However, the plan approved in the first debate establishes the possibility of using any cryptocurrency. We cannot and do not want to close the door on the use of more than one type of cryptocurrency. “
Identification and transparency
One of the most significant proposals in the draft law is the inclusion of an identification system based on blockchain technology, which aims to transform the state’s obligation to provide identity services.
This initiative aims to promote blockchain technology and distributed ledgers in the digital identity of citizens and legal entities in the Republic of Panama. Another is the use of blockchain technology to improve the transparency of state functions. The move is similar to other initiatives in Latam that use distributed ledger technology.
What are the most crypto-friendly countries right now? You can read about the list in this article.
Bitcoin is back over 40 XNUMX $ with more positive adoption news
Today, Bitcoin (BTC) has risen above $ 40,000 XNUMX as investors have amassed digital currency. The rise in prices coincided with cryptocurrency adoption in various countries, from Africa to South America to the Middle East.
According to analyst Jason Dean of Quantum Economics, bitcoin is still nearby, despite several positive developments in cryptocurrencies, such as Cuba’s decision to approve licensed exchanges.
The Central African Republic became the second country to adopt bitcoin as legal tender. The country’s central bank also plans to license virtual asset service providers. Brazil also passed a law on Wednesday that aims to regulate the country’s cryptocurrency industry. According to Business Today, the bill seeks to create a framework for the industry.
According to Marcus Sotiriou, an analyst at GlobalBlock, the foundations of bitcoin on the chain are still positive. He noted that the number of whales has risen to its highest level since last year. According to the IntoTheBlock report, the retailer now buys bitcoins. This is subsequent to the situation like with the Panama crypto bill and other countries getting more crypto-friendly.
The company noted that the balance of addresses with less than ten bitcoins increased to 2.08 million. It is important to note that the number of addresses with less than ten bitcoins has increased in the last 30 days.
The short-term outlook for bitcoin is positive, thanks to confirming a growing trend line in the daily time frame. He also noted that retail investors are beginning to accumulate digital currency.
