I-TECH

Panama passes a law that authorizes the use of cryptocurrencies 

After El Salvador and the Central African Republic, Panama is now the third country to pass a law that authorizes the use of crypto-currencies on its territory. 

 Indeed, Panamanian legislators approved, yesterday Thursday April 28, with 38 votes for, 2 abstentions and no votes against, a bill, the purpose of which is to regulate the use and marketing of cryptographic assets in the country. It only remains for President Laurentino Cortizo to sign this bill. 

Experts do not view this law which opens the door to private and public use of crypto assets and which will allow people to pay their taxes with cryptocurrencies in a good light, because Panama is a country known for its lack of financial transparency. 

"Panama was already in a bad position and these payment methods ignore the due diligence processes that international organizations are asking Panama to adopt," said Romain Dromard, managing director of financial investment advisory firm K&B Family Office. , which points out that Panama is on the list of tax havens of the European Union. 

Thanks to the new legislation, Panamanians will be able to use cryptographic assets as a means of payment for any civil or commercial operation not prohibited by the law of the country. 

According to Jose Fabrega of CryptoSPA, this new bill could also make banks that have created obstacles to the use of cryptocurrencies more cooperative. 

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Sam Sarah Devilus
Journalist / Communicator / Bookstagramer.