Following El Salvador, Panama About to adopt Bitcoin

Following El Salvador, Panama About to adopt Bitcoin 1000 563 Crypto Rand Group
Panama Bitcoin

Is El Salvador‘s idea spreading like wildfire? Now it’s the turn of Panama MP to propose Bitcoin (BTC) adoption, and things could be made easier by the country’s legal specifics…

Panama, next country to adopt Bitcoin?

Independent MP Gabriel Silva has expressed his enthusiasm for the subject in response to Panama’s adoption of Bitcoin, explaining that this is a crucial moment:

This is important. And Panama cannot be left behind. If we want to be a true hub for technology and entrepreneurship, we have to support cryptocurrencies.

We will be preparing a proposal to present to the Assembly. If you are interested in building it, please contact me.

As reported by CoinDesk, Da Silva’s team will be gathering information and wishes from cryptocurrency users, lawyers, officials, and businesses related to the field. Next month, the bill will then be proposed to the Assembly.

A constitution that supports a variety of currencies

What makes Panama unique is that its constitution prevents the government from restricting legal currencies to just a few. In theory, this may therefore encourage the adoption of Bitcoin in Panama, as this barrier is non-existent.

It should be noted that, like El Salvador, Panama has adopted the dollar as a common currency. It circulates alongside the balboa, a local currency that tracks the dollar at a 1:1 ratio. The difference is that there is no hegemonic political party, like that of El Salvador’s President Nayib Bukele. So if there is an adoption, it will certainly take longer.

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