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Panama Approves a Bill to Regulate Cryptocurrencies in the Country

ByLouis Adams

May 2, 2022
Reading time: < 1 minute

The National Assembly of Panama has approved a bill regulating the circulation of crypto assets in the country, Reuters has reported.

The regulatory document “regulates the trade and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other areas.”

Congressman Gabriel Silva has emphasized that the legalization of cryptocurrencies will help Panama become “the center of innovation and technology in Latin America.” He has added:

“Now I can go and pay the seller for something. And if he wants to accept cryptocurrency, it is allowed, it is legal. Until now, this has not happened in Panama.”

He has also said that more than half of the country’s residents are not covered by the banking system, but the “crypto law” is designed to help them.