Following in El Salvador's footsteps! Panamanian parliament member pushes for cryptocurrency bill

Following El Salvador's move to make Bitcoin a legal tender, more countries are considering following suit to leverage the characteristics of cryptocurrency to address economic issues. On Monday (6), Panamanian congressman Gabriel Silva presented a proposal in Congress supporting cryptocurrency, aiming to adopt a more open policy towards cryptocurrency in Panama.

Cryptocurrency Draft Vision

Regarding this bill, Congressman Gabriel Silva stated on his Twitter:

We aim to make Panama a country compatible with blockchain, crypto assets, and the internet. This could create thousands of job opportunities, attract investments, and make the government more transparent.

Key Points of the Cryptocurrency Draft Implementation

According to the content of the bill proposed by Gabriel Silva, the new legislation will allow Panamanian legal entities and individuals to freely choose whether to use crypto assets and to use cryptocurrencies as a means of payment in any civil or commercial transaction (not limited to BTC or ETH). This is different from El Salvador's cryptocurrency law, as if Gabriel Silva's bill is passed, it will not force businesses or individuals to accept cryptocurrencies.

The bill also proposes moving government public records onto the blockchain, digitizing legislative and administrative actions using blockchain technology. By utilizing smart contracts and the functionality of decentralized autonomous organizations (DAOs), it aims to establish new trust relationships and organizational forms between people and businesses.

Furthermore, similar to El Salvador, if the bill is passed, Panamanians will be able to pay taxes and other tax obligations using cryptocurrencies. Prior to this, Panama has been using the US dollar as the payment method since it does not have a central bank or an officially designated payment currency.

Earlier reports stated that Gabriel Silva, following El Salvador's approval of the Bitcoin Law in early June, has been actively planning to promote cryptocurrency adoption. According to Panama's legislative process, the Bitcoin Law requires support from 36 out of 71 votes in the House of Representatives to pass, as Panama does not have a Senate. Once approved by the parliament, the law can be approved or vetoed by the president.