A new law in Panama recognizes BTC and ETH as means of payment

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Bitcoin is now legal tender in El Salvador, and other countries are working to recognize cryptocurrency payments. Panama is seeking to make Bitcoin and Ether payments legal in the country. The country is the latest to introduce a bill to regulate cryptocurrencies and ensure they can be used for commercial purposes. A member of the The country’s independent opposition party, Bancada Independiente, has introduced a bill that seeks to regulate crypto as a method of payment in Panama. The bill also aims to make Panama compatible with crypto assets, blockchain technology and the internet. https://twitter.com/gabrielsilva8_7/status/1435015640226615299?ref_src=twsrc%5Etfw Gabriel Silva, a Panamanian congressman, introduced the bill earlier this week, with the aim of regulating the use of cryptocurrencies in the country. The deputy said that the passage of this bill could create thousands of jobs in Panama, attract investment and ensure transparency in government. According to the draft law, legal and natural persons based in the country would be allowed to agree freely on the use of cryptocurrencies, including BTC and ETH. These cryptocurrencies would be used as means of payment for civil or commercial operations authorized by the government. In addition to this, the bill seeks to move public records to the blockchain , to digitize legislative and administrative acts using technology and to take advantage of smart contracts or Decentralized Autonomous Organizations (DAOs) to register the documents of legal entities based in Panama. The bill is broad, and it touches on the subject of DAOs. The congressman wants Panama to become compatible with the latest ways to build trust between businesses and people. The bill recommends the use of smart contracts and/or DAOs to promote trust between businesses and individuals. The Panamanian bill comes as El Salvador has become the first country to officially adopt BTC as legal tender. Salvadoran Bitcoin Law came into effect yesterday. In the case of Panama, businesses will not be required to accept BTC and ETH as means of payment. However, they can choose to accept these cryptocurrencies as payment options from their customers. In addition, if the bill is approved, Panamanians could pay their taxes, fees and other obligations using cryptocurrencies. The post New law in Panama recognizes BTC and ETH as means of payment appeared first on Buy Bitcoin.

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