Panama may soon follow El Salvador to make cryptocurrencies legal tender

In short: After El Salvador has officially declared bitcoin legal tender, Panama could be the next country to accept cryptocurrency as legal tender. Unlike El Salvador’s law, Panama will not be limited to bitcoins, as Panamanian Congressman Gabriel Silva’s bill provides for many other cryptocurrencies.

In a series of tweets published Gabriel Silva, Congressman from Panama, shared a video of him giving an overview of the Crypto Law that he supports, PDF detailing a bill and a better presentation for anyone who might think the PDF is too long to read.

Silva’s bill explains that blockchain technology allows government to be more transparent and efficient. The bill also states that cryptocurrencies should be regulated in the same way as traditional currencies and will not replace other currencies that are already in use.

If this new law is passed, the law tells us that businesses will have more sources of income and create more jobs for the population. Cryptocurrency as legal tender will also protect the country from inflation, provide more services that will help lower prices and create a modern economy that is compatible with current and future standards.

The news came just after El Salvador officially accepted Bitcoin as the country’s legal tender, which may have been partly responsible for the $ 10,000 drop in the cryptocurrency value the day after the announcement. At the moment, Bitcoin seems to have recovered slightly, hovering around the $ 47,000 mark.

Apart from El Salvador, other countries are also starting to view cryptocurrencies as a real currency. Two weeks ago Cuba announced it will recognize and regulate cryptocurrencies, which can help them get around the imposed US sanctions. In the news on the topic, just yesterday Ukraine also past the law that legalizes and regulates cryptocurrency.

Credit to masthead: Thought catalog

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