Panamanian lawmakers will begin analyzing a bill aimed at regulating cryptocurrencies in the nation. Local MP Rolando Rodríguez presented the bill to the Trade Commission of the National Assembly of Panama.
Bill author: Panama lags behind other countries on the matter
According to La Estrella de Panama, the MP advocates an agenda that focuses on digitizing the Panamanian economy. He believes there is an urgent need to regulate the country’s crypto environment as the ecosystem “favors” economic growth.
Rodríguez wants the law to create 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 on this matter:
Panama cannot be left behind when many countries in the world have already started regulating cryptocurrencies and are at the forefront of the digital economy, taking advantage of its advantages and creating legal mechanisms to protect and develop its economy and people contribute new form of business.
Integration of cryptos in the state-supported social security fund
In addition, the MP made it clear that the crypto bill should bring “financial freedom” to all Panamanians who do not have access to the traditional banking system.
He also expects to bolster the country’s Social Security Fund and Disability, Old Age and Death (IVM) Fund with cryptocurrencies.
The politician believes this is a crucial time for Panama national lawmakers to pursue crypto-friendly policies. He backed up his comments by stating that there is “great international experience” with regulating the crypto industry:
We trust that the Assembly’s Committee on Commerce and the Economy will pay due attention to this important draft bill. Hopefully Parliament will have a necessary and broad discussion and the country could update its rules in the face of this globalization of the digital economy that will stay here and we have to rise to the challenge.
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