Lawmakers in Panama have handed a invoice that may regulate cryptocurrencies, together with Bitcoin, within the Latin American nation.

In a Thursday tweet, Panamanian pro-crypto congressperson Gabriel Silva mentioned lawmakers had authorized the “Panama Crypto Regulation” following a 3rd debate. In keeping with Silva, the regulation will “assist Panama turn out to be a hub of innovation and know-how in Latin America.”

In keeping with Panama’s Nationwide Meeting, the Crypto Regulation is aimed at regulating “the buying and selling and use of crypto belongings, the issuance of digital worth, the tokenization of valuable metals and different belongings, fee methods and different provisions.” Nevertheless, Panamanian President Laurentino Cortizo should signal the authorized invoice earlier than it turns into regulation.

“This may assist create jobs and monetary inclusion,” mentioned Silva on the passage of the invoice.

Aprobada la Ley de Crypto de Panamá! Esto ayudará a que Panamá se vaya consolidando como hub de innovación y tecnología de America Latina!

Crypto Regulation authorized in third debate! This may assist Panama turn out to be a hub of innovation and know-how in Latin America!

— Gabriel Silva (@gabrielsilva8_7) April 28, 2022

In September 2021 — the identical day El Salvador started recognizing Bitcoin (BTC) as authorized tender — Silva helpedintroduce the invoice to the Nationwide Meeting of Panama, with the laws aimed toward making the nation “appropriate with the digital economic system, blockchain, crypto belongings and the web.” The invoice moved out of the Financial Affairs Committee on April 21 earlier than being authorized by the Nationwide Meeting.

In distinction to El Salvador’s Bitcoin Regulation, which required native companies to simply accept Bitcoin, Panama’s Crypto Regulation, if handed, would seemingly give residents and companies the choice of utilizing and accepting cryptocurrency. In keeping with an early draft of the invoice, many companies wouldn’t need a particular license to simply accept crypto.

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It’s unclear if the passage of the Crypto Regulation would lead Panama to simply accept Bitcoin or different cryptocurrencies as authorized tender alongside the balboa and U.S. greenback. El Salvador started recognizing BTC as authorized tender in September 2021 following the passage of its regulation within the Salvadoran Legislative Meeting, and the Central African Republic introduced on Wednesday its residents would have the ability to use Bitcoinas authorized tender along with the nation’s franc.