Crypto: The Panama Legislature Committee has approved the bill regulating cryptoassets.Crypto legislation will need two more rounds of discussion before it goes to the president’s approval. The economic affairs committee of the Panamanian Legislature has approved the bill regulating the use of cryptocurrencies in the Central American country.
Congressman Gabriel Silva stated that the crypto bill aims to “give legal stability to crypto assets in Panama” and “develop the crypto industry in the country to attract more investment and create more jobs.” Silva also stated that the Panamanian government will adopt blockchain technology “to increase transparency and efficiency in procedures”.
The bill, which has been approved by the commission, will now be re-discussed by the Assembly and reviewed in new sessions. After the legislative process, Panamanian President Laurentino Cortizo can approve or veto the law.
The original bill submitted by Silva was amended. While Silva didn’t specify exactly what had been changed, he said he was okay with “improving it”.