Panama has fully legalized cryptocurrencies

Yesterday, during a meeting of the Panamanian legislative assembly, a bill regulating the use of cryptocurrencies in the country was approved — now the document must be signed (or vetoed) by the president.

«This will help Panama become a center of innovation and technology in Latin America,» said Congressman Gabriel Silva. Parliamentarians generally responded positively to the introduction of the bill, with all 40 members voting unanimously in favor.

The new law regulates the trade and use of crypto assets, tokenization of precious metals and other assets, and establishes mechanisms for adjusting the operation of payment systems. Cryptocurrencies do not become legal tender, as is the case in El Salvador, but they can be used as such.

The reason is that, according to the Constitution, the country does not have its own currency and has been using the dollar for more than 100 years.

After the document is signed by the president, Panama will be able to pay for goods and services with cryptocurrencies. But since they do not become legal tender, the right to accept crypto assets remains with the seller.