Panama will carry out transactions with the use of Cryptocurrencies, they approve in the third debate a bill that regulates them

In the third debate, the bill that regulates Cryptocurrencies in Panama was approved.

Gabriel Silva, proponent of this initiative, assured that this bill seeks for Panama to become a hub for innovation and technology in Latin America and said that in the midst of the economic crisis that the country is facing and it is important for the government to bet on the new sectors of the economy.

“That is what is moving the economy in the world, technology, innovation, and Panama was lagging a bit behind, but this is a step forward, which seeks to mobilize the economy, create more jobs for Panamanians,” he said. .

Silva said that this law is not the same as that of El Salvador, a country that became, in September 2021, the first in the world to allow the use of cryptocurrency in all transactions, along with the US dollar. The decision sparked large-scale protests over fears the move would cause more instability and inflation in the Central American nation.

He stressed that, first of all, the Panamanian Law seeks to give clarity and legal certainty to the optional use of cryptocurrencies or cryptoactives, which means that a person can go to a store and pay with cryptocurrencies and if it is the store they want to receive payment It is allowed and legal.

He also said that legal support is being given to the use of cryptocurrencies, because if a problem arises in a transaction there will be ways to file claims, which until now cannot be done in the absence of this law.

Another point in favor, highlighted by Silva, is that cryptocurrencies attract more investments from foreign companies and encourage local entrepreneurship, for example, those who work on the exchange house will be able to create jobs for the Panamanian population.

This project must be sanctioned by President Laurentino Cortizo to become a Law of the Republic.

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