Crypto bill passed in Panama with a 40-0 majority
The National Assembly of Panama, or the Asamblea Nacional de Panamá, has passed the official crypto bill in the nation with a 40-0 majority following the widespread adoption of cryptocurrencies in other nations. The bill provides a regulatory framework for cryptocurrencies in the Central American nation.
Panama exempts crypto from capital tax
In a series of tweets posted by the National Assembly of Panama on April 28, 2022, at 13:36 UTC, Bill 697 was revealed. The bill plans to officially regulate blockchain-based assets in the nation. Deputies Cenobia Vargas and Gabriel Silva were the proponents of the bill, as noted by the National Assembly in another tweet."The commercialization and use of cryptoactives, the issuance of digital value, the tokenization of precious metals and other goods, payment systems, and other provisions are approved in the second debate," said the tweet.As per the post, "the objective is to make the Republic of Panama compatible with the digital economy, the blockchain, crypto assets, and the internet for the benefit of its inhabitants and the rest of the world."
Silva took to Twitter to break the news to the world and said that the only thing missing was for the President of Paname, Nito Cortizo, to sign the bill. Silva believes that the legalization of cryptocurrencies in the nation will help in the creation of jobs and financial inclusion.
Waves of adoption
A number of nations have come forth with crypto-friendly bills and the legalization of these blockchain-based assets. Many nations, including Panama, plan to follow in the footsteps of Dubai, which has been able to become the hub for crypto innovation with the launch of the official crypto bill. As Cryptonary reported, the Central African Republic has adopted Bitcoin as an official currency and is now the second nation to do.
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