National Assembly of Panama Advances Discussion of Cryptocurrency Law Project

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National Assembly of Panama Advances Discussion of Cryptocurrency Law Project – Panama is attempting to control cryptocurrency assets and the businesses that use them in the country. The country’s National Assembly, the highest legislative body in Panama, has made the first step toward controlling the usage of cryptocurrencies. 

The institution passed a cryptocurrency law project named “Law that controls the commercialization and the use of crypto assets, payment systems, the issuance of digital value, tokenization of valuable metals, and other provisions” in the first debate.

Also Read: Afghans Use Crypto to Curb Taliban’s Influence on Their Financial Well-Being

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The proposed legislation comprises definitions and concepts related to cryptocurrencies, blockchain technology, and the use of these decentralized tools to improve state affairs. According to a social media post from the institution, this authorized project is a combination of two different proposals offered as legislation proposals 696 and 697.

One of the law’s proponents, Gabriel Silva, who introduced it for the first time in September, indicated that the authorized project underwent some changes during the first discussion and, in his opinion, can be improved.

One of the most essential recommendations in the legislation project is the inclusion of a blockchain-based identifying project that aims to digitize the Panamanian state’s obligation.

The legislation defines this goal:

“Enhance the use of distributed ledger and blockchain in the digitalization of legal entities in or from the Republic of Panama, as well as as a technique to make public services more visible.”

Also Read: Standard Chartered Bank Enters the Metaverse

As an objective, the offered project has also defined the use of blockchain innovations to enhance the transparency of state functions. This is similar to previous projects in Latam that use distributed ledger technology to develop government activities such as payments and tax collection. One of these projects is the Brazilian Blockchain Network, which is also serving as a basis for the country’s official institutions.

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