Panamanian lawmakers will start to analyze a draft bill that seeks to regulate cryptocurrencies in the nation. Local deputy (MP) Rolando RodrÃguez presented the bill to the Commerce Commission of Panamaâ€™s National Assembly.
Draft Billâ€™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 countryâ€™s crypto environment, as the ecosystem â€œfavorsâ€ the economyâ€™s growth.
RodrÃguez 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:
Incorporating Cryptos Into State-Backed Social Security Fund
Moreover, the MP clarified that the crypto bill aims to bring â€œfinancial freedomâ€ to all the Panamanians who donâ€™t have access to the traditional banking system.
He also expects to strengthen the nationâ€™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 â€œvast international experienceâ€ in regards to regulating the crypto industry:
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