Panama Congressman Presents Crypto Law Project For The Country

A Panama Congressman Gabriel Silva presented a new crypto law project but he didn’t mention Bitcoin in the project so what’s it all about? Let’s find out more in our latest cryptocurrency news.

The bill is quite simple as it seeks to give certainty and legal security to crypto-assets like cryptos in Panama. The second thing that the project seeks is to attract companies and more investments and to help foster entrepreneurship in Panama which focuses on the digital economy. This is a great indicator as it helps to promote and to create jobs. The third thing that it seeks is to expand the number of financial services offered in Panama in order to ensure better prices for everyone.

Hoy presentamos la Ley de Cripto. Buscamos hacer a Panamá un país compatible con el blockchain, los criptoactivos y el internet.

Esto tiene el potencial de crear miles de empleos, atraer inversión y transparentar el gobierno

Pueden ver el proyecto aquí: https://t.co/6FoKdwbkwR pic.twitter.com/xDxfyS9BYI

— Gabriel Silva (@gabrielsilva8_7) September 6, 2021

The use of specialized language is not really good as the Crypto Law project doesn’t want to make anything a legal tender and it is also not a Bitcoin-only bill. Congressman Gabriel Silva didn’t use the word BTC in his video but it appears about 11 times in the document dubbed “Crypto Law: What Makes Panama Compatible with the Digital Economy, The Blockchain, Cryptoactives, and The Internet.” Ethereum on the other hand is mentioned only four times:

“Cryptoassets like Bitcoin serve as potential long-term investments and shelter against inflation. Crypto assets are also divisible into many more units than traditional assets. In the case of Bitcoin, it can be subdivided into 100 million Satoshis, for example. Systems like Ethereum and Cardano have similar divisibility properties.”

However, in Article 8 of the crypto Law Project proposed by Panama Congressman Silva we can read that:

“Natural persons located in the Republic of Panama, or legal persons organized in the Republic of Panama, may freely agree on the use of crypto assets, including without limitation Bitcoin and Ethereum, as a means of payment for any civil or commercial operation not prohibited by the Republic of Panama’s legal system.”

There’s a mention of taxes as well. The taxpayer will undergo capital gains treatment and will calculate the Income Tax on the profits obtained at a fixed rate of 10%. the Executive Branch will regulate the matter. Back in 2020, Criptonoticias reported:

“The National Assembly of Panama will discuss a draft bill on the use and commercialization of cryptocurrencies in Panama, that legislative body reported via Twitter. On October 22, 2020, the legal instrument, which aims to regulate “the use of virtual currencies or cryptocurrencies and the forms of transaction with them.”