Panama will allow paying taxes with bitcoins

In the near future, Panama may become another country that legalizes the status of cryptocurrencies with regulatory tools — the National Assembly’s Committee on Economic Affairs has voted in favor of a bill that aims to attract investment in the crypto industry.

The bill was first presented in September 2021. The document is intended to regulate the use of cryptocurrencies in the country, including their use as a means of payment. If the law is approved, individuals and legal entities in Panama will be able to freely use cryptocurrencies as a means of payment for any commercial transactions.

The bill also proposes to legalize the payment of taxes, fees and other tax obligations in cryptocurrency.

Deputy Gabriel Silva, who presented the bill, is confident that blockchain technology will be adopted by the Panamanian government «to increase transparency and efficiency of procedures.» After the committee’s approval, the bill will be submitted to the parliament for discussion and voting. The law will come into force after being signed by Panamanian President Laurentino Cortizo.