El Salvador is dominating the news today as its Bitcoin Law finally takes effect. But another Central American country isn’t far behind in its own progress in adopting cryptocurrency.
Panama has announced that it has introduced a bill to better regulate the flow of cryptocurrencies in the country. It added that it is priming the country to be a crypto-friendly nation by establishing critical infrastructures such as internet connection and blockchain tech.
Panama Congressman Gabriel Silva, a known crypto advocate, said in his Twitter post that the bill has the potential to create thousands of jobs, foster a more transparent government, and create new investments.
Alternative payment
The new bill introduced by the government aims to recognize cryptocurrencies as an official alternative for global payments.
According to the authors of the bill, one of the major reasons why they are pushing for cryptos’ recognition is because using these digital currencies is faster and cheaper for sending payments, regardless of distance and amount.
Telemetro, one of the major TV networks in Panama, said that one major thing that differentiates Panama from El Salvador when it comes to crypto initiatives is that cryptocurrency use isn’t obligatory.
El Salvador’s Bitcoin Law says that business establishments are required to accept Bitcoin payments if customers prefer to use them as a means to pay for a product or service.
Public and global support
Another thing that makes Panama’s initiative different from El Salvador’s approach is that Panama sought the support of its citizens and international organizations before introducing its crypto bill.
The government said that the bill was crafted in collaboration with the country’s citizens and the Financial Actions Task Force, which is one of the major financial bodies in the world.
Even with different approaches in implementing crypto initiatives, both Panama and El Salvador have recognized the importance of cryptocurrencies to improve their economies.
Image courtesy of Cointelegraph News/YouTube