Panama lawmakers pass legislation that will regulate Bitcoin (BTC) and eight other cryptos

Lawmakers in Panama are passing a new law that regulates the use of leading digital asset Bitcoin (BTC) and eight other crypto assets.

According to Panamanian Congressman Gabriel Silva, the Central American nation has passed legislation allowing unlimited use of nine cryptocurrencies as a means of payment for individuals, banks and other businesses.

“The crypto law was approved in the third debate. This will help Panama become a hub for innovation and technology in Latin America!

Only the President is missing [Laurentino] Cotizo to sign it… This will help with job creation and financial inclusion.”

Digital assets include not only the top crypto asset by market cap Bitcoin, but also the leading altcoin Ethereum (ETH), the Bitcoin alternative Litecoin (LTC), the interoperability blockchain XDC Network (XDC), the data feed -Monetization network Iota (IOTA) and smart contract platforms Elrond (EGLD) and Algorand (ALGO) and payment networks XRP and Stellar (XLM), according to the bill.

The new law will also establish rules for crypto trading, digital security issuance and the tokenization of physical assets like precious metals, according to Reuters.

In addition, the law provides legal clarity regarding the optional use of cryptocurrencies, creates licenses for crypto investment companies and ensures that the government uses blockchain technology to become more efficient and transparent, according to Silva.

Although Panama’s move has drawn comparisons to another Central American nation, El Salvador, which made BTC and other digital assets mandatory legal tender last year, accepting crypto assets in Panama is currently optional.

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