Panama debates the regulation of cryptocurrency

Panama will study whether or not to validate bitcoin, ether, and tether as acceptable payment methods in the country.

The debate on two bills that seek to regulate cryptocurrencies has been resumed by the Economic Affairs Trade Commission of the Parliament of Panama on February 22, 2022. 

The first proposal was presented by deputy Cenobia Vargas last August 2021.

Vargas’ Bill 696, exposes the regulation on bitcoin and ether, but also the regulation of the stable currency tether. He also talks about other types of tokens, such as NFTs (non-fungible tokens) or the 7even Utility Token (7UT). He points out that the 7UT would be an excellent means of payment for Panamanian businesses.

The second proposal was presented by independent congressman Gabriel Silva in September 2021.

Silva’s Bill 697, exposes the potential of regulating bitcoin and ether and admitting them as a means of payment. In addition, he states that it would be a good opportunity to attract investments and entrepreneurs.

The two legislative proposals are being studied independently by the Commission. Currently, the combination of both legislative proposals is not being studied. Once they finish analyzing them, they will be sent to be discussed in the National Assembly.

While the bills are being discussed Vargas and Silva are will continue to elaborate, answering questions from the Committee, then the acceptable bill will come to a vote. If it obtains a positive result, it will be the president who will endorse it or reject the bill. 

CoinTelegraph - Panama commission studies whether to validate bitcoin ether and tether as payment methods