Panama Announces Crypto Adoption in its Final Stages

Panama’s national assembly has announced that it will be adopting crypto by passing a bill that will allow private and public use of digital assets. The suggestion is now awaiting Panamanian President Laurentino Cortizo’s approval, wherein citizens, afterward, will also be able to pay taxes using cryptocurrencies.

The announcement came in many tweets on the National Assembly’s official Twitter page.

The project is set to allow Panamanian people to buy products and services in cryptocurrencies at any legally operated civil or commercial business. Gabriel Silva, a member of the Panamanian National Assembly and one of the lawmakers promoting the bill explained, that the project goes beyond regulating individual tokens.

As the translated version of the project mentioned, the project aims to promote “the use of distributed ledger technology and blockchain in the digitalization of the identity of natural and legal persons in or from the Republic of Panama and as a means to make the public function transparent.”

Silva further commented:

This bill seeks for Panama to become a hub of technology innovation in Latin America

In other news, the Central African Republic is now the second country to adopt cryptocurrencies. “The African nation has also been working on creating a legal framework around the use of cryptocurrencies that will focus on defining how citizens can interact with digital assets,” said Finance Minister Herve Ndoba.

Ndoba also commented by saying that the Central African Republic is not trying to copy El Salvador – the first country to accept cryptocurrencies back in September 2021.