Panamanian Lawmakers to Hold Discussions on Regulating Cryptocurrencies in the Country

Panamanian lawmakers will start to analyze a draft bill that seeks to regulate cryptocurrencies in the nation. Local deputy (MP) Rolando Rodríguez presented the bill to the Commerce Commission of Panama’s National Assembly.

Draft Bill’s Author: Panama Is Lagging Behind Other Countries in the Matter

According to La Estrella de Panama, the MP is advocating to pursue an agenda focused on digitalizing the Panamanian economy. He believes in the urgent need to regulate the country’s crypto environment, as the ecosystem “favors” the economy’s growth.

Rodríguez wants the bill to establish a legal framework for Panamanian companies that want to do business with digital assets, such as bitcoin (BTC). He warned how Panama is lagging behind other nations in the matter:

Panama cannot be left behind when many countries in the world have already started to regulate cryptocurrencies and are at the forefront of the digital economy, taking advantage of its benefits and creating legal mechanisms to protect its economy, its population and contribute to the development of this new form of doing business.

Incorporating Cryptos Into State-Backed Social Security Fund

Moreover, the MP clarified that the crypto bill aims to bring “financial freedom” to all the Panamanians who don’t have access to the traditional banking system.

He also expects to strengthen the nation’s social security fund and the disability, old age, and death fund (IVM) with cryptocurrencies.

The politician believes this is a pivotal time in Panama for the national legislature to adopt crypto-friendly policies. He backed up his comments by stating there is a “vast international experience” in regards to regulating the crypto industry:

We trust that the Committee on Trade and Economic Affairs of the Assembly will give due attention to this important preliminary bill. Hopefully, the parliament will make a necessary and wide discussion and that the country could update its regulations in the face of this globalization of the digital economy, which is here to stay, and we must take up the challenge.

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