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Panama to join El Salvador in making Bitcoin a Legal Tender

Panama’s Bitcoin revolution

June 11, 2021

Reading Time: 2 minutes

Latin America is actively opening up to cryptocurrency according to the activities of politicians in Paraguay, El Salvador and most recently Panama. Panama’s Bitcoin revolution follows in the footsteps of Paraguay’s congressman Carlos Rejala and El Salvador’s lawmakers behind President Nayib Bukele.

Panama’s Next Financial Advancement Based on Bitcoin and Crypto: Gabriel Silva

Panama’s congressman Gabriel Silva is spearheading the Bitcoin revolution in the country. Silva termed El Salvador’s move to adopt Bitcoin and crypto as legally accessible financial assets as exemplary. His next focus is leading Panama into making a similar decision.

Panama’s Bitcoin champion Silva believes in cryptocurrencies’ potential to transform the Panama’s financial state. Silva added that the advantages blockchain technology offers is vital for Panama’s financial growth and prosperity.

Armed with these benefits, Panama’s congressman Gabriel Silva is preparing a proposal to push for the legalization of cryptocurrency in the country. He is asking for the full support of the citizens of Panama when he finally presents the bill.

Panama’s Bitcoin revolution is still in the preparation stage. El Salvador, on the other hand, passed the bill designating Bitcoin with legal tender.

Bitcoin Awarded Legal Tender in El Salvador

El Salvador’s residents can now carry out transactions such as paying taxes with Bitcoin. Moreover, businesses in the country are now obligated to accept the leading cryptocurrency by market cap as a form of payment. Finally, in El Salvador, capital gains tax will no longer apply in conversion of Bitcoin to other currencies.

The announcement already caused a shift in the crypto market as coins started surging. The CEO of TROM, Justin Sun, tweeted after El Salvador’s announcement that his company will be setting up a crypto office in El Salvador. TRON’s office will be the first crypto facility in El Salvador. The decision to set up in El Salvador is to facilitate crypto and Bitcoin transactions with ease.

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