Panamanian Lawmakers all set to pass crypto regulation

Panamanian Lawmakers to discuss cryptocurrency regulations
  • According to La Estrella de Panama, the MP is prescribing ways to improve the current status of the Panamanian economy by prioritising the focus on digitalization of the economy
  • Rolando Rodríguez also wants the draft bill to establish a legal framework for Panamanian companies that wish to do business with digital assets, for example, Bitcoin
  • He also anticipates nourishing the social security fund of the nation

Panamanian Lawmakers will begin to examine a draft bill that intends to regulate cryptocurrencies in the nation. Rolando Rodríguez, local deputy (MP), put forward the respective bill at the National Assembly of Commerce Commission of Panama.

Statement of Draft Bill’s Author

According to La Estrella de Panama, the MP is prescribing ways to improve the current status of the Panamanian economy. He advocated chasing an agenda that would then focus on digitising the respective economy. 

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Rolando believes that there is an emergency requirement to enhance the country’s crypto ecosystem. This would further strengthen the economy’s development process.

Rolando Rodríguez’s exclusive plan of a bill

The MP also wants the bill to create a legal framework for Panamanian companies that wish to do business with digital assets, for example, Bitcoin. He warned that Panama is straggling behind other nations in the respective context. 

He explained that Panama needs to amplify its actions because many other countries have already started with the regulations on cryptocurrencies. According to him, this has enabled them to be at the forefront of the digital economy. Along with that, these countries have also received enormous benefits whilst they established legal mechanisms to safeguard their economy and its population. 

Involving Cryptos in State-Backed Social Security Fund

Moreover, Rolando revealed that the crypto bill will focus on bringing financial freedom to the people of Panama. Especially, the ones who do not have the approach to the conventional benefit will benefit the most. 

He also anticipates nourishing the social security fund of the nation. Along with that, he wishes to strengthen various other funds such as disability, old age as well as the death fund (IVM) with the right use of cryptocurrencies.

The politician believes that this is a crucial time for Panama’s economy. Hence, the national legislature needs to implement crypto-friendly policies. He supported his comments by proclaiming that there is a widespread international experience in the context of regulating the crypto-asset market. 

In conclusion, he emphasized his trust in the Committee assigned for the Trade and Economic Affairs of the Assembly. He believes that the committee will give primary heed to this significant preliminary bill.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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