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Making Panama Bitcoin-Compatible Is A Significant Undertaking

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With the formal adoption of Bitcoin in El Salvador serving as a model, Panama is considering a quick follow-up in what might be the start of a worldwide trend. Before we dive further into our guide, please register yourself on the bitcoin trading and improve your trading skills with BITIQ.

According to Silva, the law’s title is “Crypto Law: Making Panama Compatible with the Digital Age, Blockchain, Values held, and the Internet.” The bill was published on Twitter on Wednesday by the Panamanian government. Silvia said in a Twitter post that he believed the measure could create employment, attract investment, and promote more openness in government. Cryptocurrency proponents like Silva believe that Bitcoin, Ethereum, and Dogecoin are the future money for the whole world. Cryptocurrencies work because of the foundational blockchain technology, which allows them to function by creating a digital log that keeps records rather than depending on a central bank to underwrite — and, as crypto enthusiasts would say, manipulate — their value is the case with traditional currencies.

A new law has been introduced in the United States to legalize cryptocurrency and bitcoin. The latest edition of the “Bitcoin Magazine Podcast” included two prominent players in this unfolding story who shared everything Bitcoiners need to know about cryptocurrency and bitcoin.

Gabriel Silva, a Panamanian politician who supports this legislation, and Felipe Echandi, a businessman who wants to help the Panamanian economy grow, joined the program for this exciting discussion on the measure. Using practical discernment and knowledge, the two speakers discussed the fundamentals of cryptocurrency legality in the country, the evolving geopolitical considerations, and why Panama is becoming an increasingly appealing destination for international residents. ‘We witnessed what occurred in El Salvador a few of months ago when the Congress passed the country’s first Bitcoin legislation,’ Silva said. It was this that motivated me, and it was this that inspired countless others across the world.”

Silva and Echandi gave a thorough perspective of Panama’s laws, regulations surrounding banks and legal tender, parallels to Singapore, and the advancement of the internet and technology, to name a few topics. Silva and Echandi shared their unique insider views. Bitcoin’s potential to provide people with new pathways to self-ownership of the result of their work, and, in general, the ability to be sovereign individuals, blew my mind when I found it many years ago. Furthermore, what kind of reality might it advocate to bring about a good change in Panama and its people?

The bill, presented on September 6 by the nation’s legislators, seeks to govern cryptocurrencies. The proposed legislation states that the government aspires to become “compatible with blockchain technology, digital assets, and the internet.”

The new Panamanian law, identical to legislation in its neighboring Central American nation of El Salvador, seeks to encourage bitcoin and other digital assets. However, it also proposes an extension of blockchain technology by the government for identification and transparency. It has been investigated by the World Economic Forum (and other organizations) whether blockchain technology can reduce corruption. Although it would be unprecedented, using the technology in this manner and on a national scale would have a dizzying variety of consequences.

El Salvador’s nationwide Bitcoin rollout has been rocky. Depending on if Panama’s Crypto Law passes, the country may become yet another compelling test case for cryptocurrency acceptance at the government level. Two countries working together to embrace cryptocurrency does not necessarily constitute a trend — but it might be the beginning of one.

Countries In Central America That Are Pro-Crypto

This development occurred only one day before El Salvador approved Bitcoin, thus making it legal money. Panama’s draught legislation, on the other hand, is very different from those of El Salvador, which makes the use of Bitcoin a requirement. However, the most prominent feature of Panama’s crypto draught law is that the nation would enable its residents to pay their taxes in cryptocurrencies such as Bitcoin and Ethereum rather than traditional currencies. It may be the most significant confirmation since it demonstrates that the government is ready to embrace digital currencies.

According to a tweet by Panamanian legislator Gabriel Silva, who is pro-crypto, the proposed legislation can assist the nation in creating thousands of jobs. Silva also said that the rules have the potential to open up new investment possibilities for the country.