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Following El Salvador, opposition politician Gabriel Silva says he is seeking consensus to make cryptocurrency legal tender in Panama.

Next month, Panamanian congressman Gabriel Silva plans to present a bill that could potentially spearhead the adoption of cryptocurrencies as legal tender and create tax incentives for crypto-related businesses.

After El Salvador’s president, Nayib Bukele, announced he was proposing a law to make bitcoin legal tender, Silva tweeted on June 7 that if Panama wanted to become a true hub of technology and entrepreneurship, it should also support cryptocurrencies. 

Lee este artículo en español.

“I found El Salvador’s project positive, ambitious, interesting and with good acceptance,” Silva said, adding that he seeks to adapt that project to the reality of Panama and constitute a “positive competition.”

This month Silva and his team will now gather comments from different parties, including lawyers, bitcoin users, crypto-related companies and government officials, the lawmaker told CoinDesk. Panama is the latest Latin American nation to debate cryptocurrencies, joining Paraguay and El Salvador, which recognized bitcoin as legal tender earlier this month.

Silva did not disclose further details about the bill’s specifics, but he said he would define its content after talks with stakeholders. 

Panama’s current constitution prohibits the government from mandating only certain currencies as legal tender, Silva said, which could facilitate the incorporation of bitcoin as a currency. 

Panama, which does not have a central bank, officially adopted the U.S. dollar in 1904 after a monetary agreement between the two countries known as Taft-Arias. 

Balboa, a local currency, also circulates alongside the dollar. It has been tied to the former at an exchange rate of one-on-one since its introduction. 

Regarding tax incentives, Silva said that the country already has schemes to attract crypto companies via mechanisms like work permits and tax exemptions. 

Panama already serves as headquarters for many transnational companies, which may be related to its reputation as a tax haven. 

In its latest list of non-cooperative jurisdictions published in 2021, the European Union listed Panama as a tax haven along with the Virgin Islands and Seychelles, among other jurisdictions. 

Sliva said that his party, Bancada Independiente, is an independent and opposition party. But Bancada Independiente has a good dialogue with the ruling party and has managed to reach agreement on previous projects, adding that he will try to discuss the project with different ministries of the central administration, such as the economy and finance agency. 

Panama is in a different situation from El Salvador, where Bukele’s ruling party has a majority in Congress and approved the bitcoin law with 62 out of 84 votes. “I do not see this being approved in three days, as in El Salvador, but it can be achieved. There is strong citizen support, but we will sit down with everyone necessary,” he added. 

To be approved, the bill must get 36 of the 71 total votes in the chamber of deputies, Silva said, adding that Panama does not have a senate chamber. If approved in congress, the law could be endorsed or vetoed by the president.

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From Admin and Read More here. A note for you if you pursue CPA licence, KEEP PRACTICE with the MANY WONDER HELPS I showed you. Make sure to check your works after solving simulations. If a Cashflow statement or your consolidation statement is balanced, you know you pass right after sitting for the exams. I hope my information are great and helpful. Implement them. They worked for me. Hey.... turn gray hair to black also guys. Do not forget HEALTH? Competence Development can be the number 1 fundamental and significant point of attaining true being successful in most careers as most people discovered in our contemporary culture and even in Global. So fortunate to explain with you in the soon after about precisely what good Talent Advancement is;. precisely how or what strategies we do the job to get hopes and dreams and inevitably one is going to deliver the results with what someone likes to undertake every single time of day just for a total lifetime. Is it so fantastic if you are in a position to develop properly and acquire achievement in exactly what you believed, geared for, self-disciplined and previously worked really hard each working day and certainly you turned out to be a CPA, Attorney, an holder of a substantial manufacturer or perhaps even a physician who may highly contribute great aid and principles to other folks, who many, any culture and town most certainly adored and respected. I can's think I can enable others to be leading specialized level exactly who will bring about essential methods and help valuations to society and communities right now. How pleased are you if you end up one such as so with your individual name on the label? I have landed at SUCCESS and conquer many the really hard parts which is passing the CPA exams to be CPA. What is more, we will also cover what are the pitfalls, or alternative matters that may just be on your current method and just how I have professionally experienced all of them and should demonstrate to you how to beat them.

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