Panamanian Lawmakers to Hold Discussions on Regulating Cryptocurrencies in the Country – Regulation Bitcoin News


Panamanian Lawmakers to Hold Discussions on Regulating Cryptocurrencies in the Country

Panamanian lawmakers will start to analyze a draft bill that seeks to regulate cryptocurrencies in the nation. Local deputy (MP) Rolando Rodríguez presented the bill to the Commerce Commission of Panama’s National Assembly.

Draft Bill’s Author: Panama Is Lagging Behind Other Countries in the Matter

According to La Estrella de Panama, the MP is advocating to pursue an agenda focused on digitalizing the Panamanian economy. He believes in the urgent need to regulate the country’s crypto environment, as the ecosystem “favors” the economy’s growth.

Rodríguez wants the bill to establish a legal framework for Panamanian companies that want to do business with digital assets, such as bitcoin (BTC). He warned how Panama is lagging behind other nations in the matter:

Panama cannot be left behind when many countries in the world have already started to regulate cryptocurrencies and are at the forefront of the digital economy, taking advantage of its benefits and creating legal mechanisms to protect its economy, its population and contribute to the development of this new form of doing business.

Incorporating Cryptos Into State-Backed Social Security Fund

Moreover, the MP clarified that the crypto bill aims to bring “financial freedom” to all the Panamanians who don’t have access to the traditional banking system.

He also expects to strengthen the nation’s social security fund and the disability, old age, and death fund (IVM) with cryptocurrencies.

The politician believes this is a pivotal time in Panama for the national legislature to adopt crypto-friendly policies. He backed up his comments by stating there is a “vast international experience” in regards to regulating the crypto industry:

We trust that the Committee on Trade and Economic Affairs of the Assembly will give due attention to this important preliminary bill. Hopefully, the parliament will make a necessary and wide discussion and that the country could update its regulations in the face of this globalization of the digital economy, which is here to stay, and we must take up the challenge.

Tags in this story
Banking, crypto bill, Cryptocurrency, Latin America, latin america bitcoin, lawmakers, Panama, Social Security

What are your thoughts on Panama regulating cryptocurrencies in the future? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Show comments