Panama is Getting Closer to Having Bitcoin as a Legal Currency

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The Republic of Panama has presented a new bill regarding crypto-assets and their future regulations in the country. To be more specific it was Gabriel Silva, a congressman of the Panamanian parliament who presented the bill along with the help of businessman Felipe Echandi, who helps creators monetize their audiences.

The new bill titled “Crypto Law: Making Panama Compatible with the digital economy, blockchain, crypto assets, and the internet,” is not only related to the popular currencies Bitcoin and Ethereum, but also seeks to start using the same technology, blockchain, and digital ledgers to create better government transparency, reduce corruption, create jobs, and attract more investors.

Silva also stated in an interview with bitcoin magazine, “The project seeks to improve the digital economy including the use of cryptocurrencies which has the potential to pick up the people who don’t have bank accounts or access to financial services and help them participate in the 21st-century economy, get involved, and progress.”

The possible use of cryptocurrencies in Panama City would be a game-changer for the economy specifically in the Real Estate Market, opening Panama to buyers who would like to purchase real estate using crypto, making transactions more transparent, faster, and validated by the government making investments more secure.

This proposed bill has been admitted into a debate in the Legislative Assembly’s Commerce Commission and must pass through three separate debates before advancing to the president’s office to be signed into law. The first debate is currently in session.

Read the whole interview in bitcoin magazine.

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