A Senator from Panama Proposes Crypto Regulation through Draft Bill

Panamanian National Assembly has been provided with the regulation by one of the country’s Senator regarding cryptocurrencies. The Senator through the draft bill is in fact asking his Government to legalize the use of cryptocurrencies, including the major ones such as Bitcoin and Ethereum.

He proposes that both of these virtual currencies along with many others of the same kind can be used as means of payment. Even if one was to pay his or her taxes, then the same can be done through the usage of crypto, he suggests.

A Senator from the state of Panama has come to believe that the vacuum in the payment sources can be filled in by virtual currencies. However, it is up to Panamanian Government to approve or disapprove usage of virtual currencies as means of payment, said Senator Gabriel Silva.

In the hope of convincing the Panamanian Government, Senator Silva has himself drafted a crypto law. He believes that the draft bill is equipment to ensure legal certainty and guarantee safety of the virtual assets.

Senator Silva told the local press that he along with some of the Parliamentarians have supplied the Parliament with the draft of crypto bill. He said that he and his colleague Senators have no doubt that there is a vacuum in the Panamanian financial system. This vacuum can only be filled by the technologies such as Blockchain.

By embracing this technology, Panama would be able to open up gates for things like virtual currencies, which are popular worldwide. By doing so, Panama would be further able to provide for jobs, invite foreign funding and ensure transparency within the financial system.

However, the first step in the right direction would be to legalize the usage of cryptocurrencies, claimed Senator Silva. He then stated that this is why he themed the draft proposal after the very objective i.e. making Panama a crypto friendly state.

According to the author of the Panamanian crypto proposal, it is the need of the hour. If the Government wants to bring in transparency and digitize public administration, then approving the law is the most recommended solution. Otherwise the Panamanians would continue to feel the need to embracing virtual currencies, while most of the people in the world can.

He emphasized that the country needs foreign investment. However, this objective can only be achieved when Panama can provide for entrepreneurship with the ultimate aim of digitizing national economy. Resultantly, there will be more jobs and more opportunities and people would not need to seek out employments outside Panama.

The bill also urges the Government to immediately allow corporate sector to deal with virtual assets as they please. If they want to trade crypto then they should and if they want to accept crypto as payment then they should be encouraged.

Senator Silva believes that there are innumerable uses of virtual currencies, like payment of taxes etc. However, it is important that Panama should first legalize crypto and then test it for determining its efficient uses.