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- Bitcoin could be embraced by Panama following El Salvador, Paraguay, and others
- Gabriel Silva has plans to propose a Bitcoin bill by next months
- Silva believes Panama needs to embrace digital currencies to become a technology hub
- Panama does not have majority of support regarding digital assets like El Salvador
- Although it is take time, Silva will sit with as many officials required to make BTC a legal tender in Panama
Bitcoin has seen mainstream adoption since last year when it began its bullish rally. Following investors embracing the coin several governments began to study the potential of cryptocurrency and the underlying technology. Several countries imposed a ban on crypto assets, but several also embraced it.
On the other side, several countries are also seeking to issue their national digital currency. Recently, Gabriel Silva, congressmen of Panama proposed a bill to adopt cryptos as legal tender. The lawmaker also asked the country to create tax incentives for cryptocurrency businesses.
Gabriel Silva found El Salvador’s project positive
Nayib Bukele, the president of El Salvador, has plans to embrace Bitcoin. Moreover, the president has also declared BTC as a legal tender in the country. The Salvadoran Congress approved BTC law with a supermajority vote. According to experts the move of the nation remained a giant milestone for BTC and other altcoins.
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Following the move of El Salvador, several other countries and a few other American nations like Paraguay also planned to innovate the country with BTC. Following the scenario, Gabriel Silva tweeted that El Salvador’s move regarding Bitcoin is positive, ambitious, and interesting. Gabriel believes if Panama desires to be a true tech hub it needs to embrace cryptocurrency.
Gabriel Silva has plans to present a Bitcoin bill
Gabriel with his team is working to collect information about Bitcoin. The senator is discussing with different parties that include lawmakers, BTC users, cryptocurrency firms, and other government officials. The ultimate goal of the lawmaker is to propose a bill by next month regarding Bitcoin and other altcoin adoption. Also Gabriel is planning to ask the congressmens to build tax incentives for cryptocurrency related operations in the country.
Panamanian constitution allows few currencies as legal
Panama has no central bank in the country. The nation had adopted the United States Dollar in 1904 after a monetary agreement known as Taft-Arias. Alongside the USD, Balboa is used as a local currency among the residents. However, following the current constitution of Panama it is clear that the government can mandate only a few currencies as a legal tender. Indeed, it is challenging to facilitate the incorporation of Bitcoin as a currency.
Panama does not has majority of support
According to Silva, his party has a good dialogue with the ruling party, and has managed to reach agreement on previous projects. Following the scenario, Gabriel will try to discuss the project with different ministries of the central administration. Such mysteries include the economy and finance agency.
However, where El Salvador is having the majority of support, in Panama it seems the senators are not supportive regarding Bitcoin. According to Gabriel, Panama cannot approve the bill in three days like El Salvador. Still he believes that Panama will achieve but it will take time. Gabriel will be sitting with everyone necessary to get his bill approved. The bill will require at least 36 votes out of 71 in the chamber of deputies.
