Panamanian Congressman Gabriel Silva has drafted a bill to regulate the use of digital assets as a means of payment. He has tweeted:
"Today we present the Ley de Crypto (crypto law). Our goal is to make Panama a blockchain, crypto assets and Internet compatible country."
According to him, the adoption of the initiative will create "thousands of jobs," attract investments and "make the government transparent."
The document provides for the use of cryptos between individuals and in commercial transactions. Residents of the country are expected to be able to pay taxes and fees using digital assets.
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Silva has said that cryptocurrencies are not banned in Panama. The republic's national currency is the Panamanian balboa, which has been firmly pegged to the US dollar since 1934. It should be noted that the dollar is legal tender in the country.
The bill also imposes a capital gains tax on cryptocurrencies, the document's co-author, Felipe Echandi, has added. According to him, the aim of the initiative is to create the necessary conditions for the massive use of digital assets.