{"id":11966,"date":"2021-09-10T13:54:19","date_gmt":"2021-09-10T13:54:19","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/lawmaker-presents-bill-to-regulate-cryptocurrencies-in-panama\/"},"modified":"2021-09-10T13:54:19","modified_gmt":"2021-09-10T13:54:19","slug":"lawmaker-presents-bill-to-regulate-cryptocurrencies-in-panama","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/lawmaker-presents-bill-to-regulate-cryptocurrencies-in-panama\/","title":{"rendered":"Lawmaker Presents Bill to Regulate Cryptocurrencies in Panama"},"content":{"rendered":"

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.<\/strong><\/p>\n

Proposed Crypto Law Will \u2018Give Legal Certainty and Safety to Crypto Assets in Panama\u2019<\/h2>\n

As the Bitcoin Law went into effect<\/a> in El Salvador making BTC<\/a> legal tender, Panamanian legislator Gabriel Silva tweeted<\/a> on Sept. 7, \u201cToday we proposed the Crypto Law.\u201d He elaborated:<\/p>\n

We want Panama to be compatible with blockchain, cryptoassets, and the internet. This has the potential to create jobs, attract investment and bring transparency.<\/p>\n

The draft law he presented in the National Assembly is titled \u201cCrypto law: Making Panama compatible with the digital economy, blockchain, cryptoassets, and the internet.\u201d<\/p>\n

Silva explained that the law \u201cseeks to revolutionize public administration, making it transparent, innovative and also promoting a digital economy that reaches most of the citizens.\u201d<\/p>\n

Illustration of the proposed Crypto Law. Source: Gabriel Silva<\/p>\n

The lawmaker proceeded to outline three key objectives of the bill. The first is \u201cto give legal certainty and safety to crypto assets in Panama, for example, cryptocurrencies,\u201d he described.<\/p>\n

The second is to \u201cattract companies and investment and encourage entrepreneurship in Panama that are focused in digital economy,\u201d he added, noting that this will help create jobs.<\/p>\n

The third is to \u201cbroaden the amount of financial services that are offered in Panama, ensuring better prices for everyone.\u201d<\/p>\n

Illustration of the proposed Crypto Law. Source: Gabriel Silva <\/p>\n

The proposed law also addresses the use of crypto assets in Panama. Article 8 of the bill states: \u201cNatural 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.\u201d<\/p>\n

Furthermore, Article 9 addresses the \u201cPossibility of payment of taxes, fees and other tax obligations with cryptoassets.\u201d It reads:<\/p>\n

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.<\/p>\n

Silva emphasized that \u201cPanama cannot be left behind in technological innovations.\u201d The proposed crypto law can be found here<\/a>.<\/p>\n

What do you think about this proposed crypto law in Panama? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, bitcoin legal tender, Crypto law, cryptocurrency law, El Salvador, Gabriel Silva, Panama, panama bitcoin, panama crypto bill, panama crypto law, panama ethereum<\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u2018Give Legal Certainty and Safety to Crypto Assets in Panama\u2019 As the Bitcoin…<\/p>\n","protected":false},"author":0,"featured_media":11967,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11966"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11966"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11967"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}