Panamanian legislators will begin analyzing a draft bill that seeks to regulate cryptocurrencies in the nation. Local deputy (MP) Rolando Rodríguez presented the bill to the Panama National Assembly’s Trade Commission.
Author of the Draft Bill: Panama lags behind other Countries in the Issue
According to La Estrella de Panama, the MP advocates pursuing an agenda focused on digitizing the Panamanian economy. He believes in the pressing need to regulate the country’s crypto environment, as the ecosystem “favors” the growth of the economy.
Rodríguez wants the bill to establish a legal framework for Panamanian companies that want to do business with digital assets, such as bitcoin (BTC). He warned how Panama is lagging behind other nations in the issue:
Panama cannot be left behind when many countries in the world have already begun to regulate cryptocurrencies and are at the forefront of the digital economy, exploiting its benefits and creating legal mechanisms to protect its economy, population and contribute to development this. a new kind of doing business.
Incorporates Cryptos into the State Supported Social Security Fund
In addition, the MP explained that the crypto bill aims to bring “financial freedom” to all Panamanians who do not have access to the traditional banking system.
It also expects to strengthen the nation’s social security fund and the disability, old age and death (IVM) fund with cryptocurrencies.
The politician believes this is a pivotal time in Panama for the national legislature to adopt crypto-friendly policies. He endorsed his comments by stating that there was “extensive international experience” in regulating the crypto industry:
We trust that the Assembly’s Trade and Economic Affairs Committee will give due consideration to this important preliminary bill. Hopefully, parliament will hold a necessary and wide-ranging debate and that the country could update its regulations in the face of this globalization of the digital economy, which is here to stay, and we must take on the challenge.
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