↘️After El Salvador, #Panama, another Central American country, seems to be discussing the legalization of Bitcoin in the coming period. Congressman Gabriel Silva announced that he plans to bring the bill to Congress.
↘️El Salvador's acceptance of #Bitcoin as a legal currency has slowly started to show its effects. After President Bukele stated that he was considering bringing the bill to parliament, Panamanian politician Gabriel Silva also said on Twitter that the best choice for them was to support cryptocurrencies.
“We will make it suitable for Panama conditions”
Gabriel Silva took action on this and told CoinDesk that he plans to submit the Bitcoin-related bill to parliament next month:
“I found El Salvador's project positive, ambitious, interesting and well-received. We will try to adapt the same situation to Panama conditions and create a positive environment. Next month, I intend to bring the relevant bill to parliament. Certain currencies are currently prohibited from being legalized in Panama. Bitcoin is not among them. This makes our job easier.”
↘️Meetings begin
Silva also stated that they will meet with Bitcoin users, managers of companies that do business with cryptocurrencies, lawyers and government officials to clarify their roadmaps on this issue. Silva, who did not provide details about the draft law, said that he could only explain them after the meetings.
“Good for cryptos thanks to tax exemption”
Stating that the country conditions are suitable for crypto money companies, Silva used the following statements:
“Crypto money companies can be brought to the country on many issues from work permit to tax exemption. Conditions are right”
“May not be accepted in 3 days like El Salvador”
Stating that they were able to take joint decisions with the ruling party on many issues, although they were in the position of the opposition party, Silva said, “We have a good dialogue with them. We were able to take joint decisions before. I will also talk to various ministries of the central government. The Ministry of Economy and Finance will also be included in these. It may not be accepted in 3 days like in El Salvador, but it can be achieved. Citizens also have support here," he said.
↘️Currency is US dollar, no central bank
Although its currency is the US dollar, Panama also has a local currency called the Balboa, but the country does not have a central bank. The country has been using the US dollar as its legal currency since 1904.
↘️On the EU's tax haven list…
The European Union also identified Panama, along with the Virgin Islands and Seychelles, as a tax haven in the list of non-cooperating countries and jurisdictions published in 2021.