Home » Panama or El Salvador will use cryptocurrency as legal tender-digital currency/blockchain

Panama or El Salvador will use cryptocurrency as legal tender-digital currency/blockchain

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After El Salvador announced the use of BTC as legal tender, Panama, which introduced cryptocurrency regulations, may also follow suit quickly.However, unlike El Salvador’s law, Panama will not be bound by the cryptocurrency BTC.In a recent tweet, Panamanian Congressman Gabriel Silva specially recorded a short video to explain the draft.


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Gabriel Silva said:

Blockchain technology will make public administration more transparent and efficient, and the bill states that cryptocurrencies must be regulated like traditional currencies, not intended to replace currencies that are currently in circulation.

If the new bill is passed, local companies will have more sources of income and create more job opportunities for the people.

In addition, using cryptocurrency as legal currency can also protect the country from inflation, bring more services that help reduce prices, and create a modern economy that is compatible with current and future standards.

Panama may soon making cryptocurrencies legal tender(via)

Earlier, El Salvador had just announced the acceptance of BTC as the country’s legal tender, and the price of BTC plummeted by $10,000 due to the spread of market panic. However, the current BTC price seems to have rebounded and is hovering around 47,000 USD.

Finally, in addition to El Salvador, there are also reports that other countries are beginning to treat cryptocurrency as a real currency. For example, two weeks ago, Cuba announced that it would recognize cryptocurrencies and supervise them, speculating that this move may help bypass U.S. sanctions.

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In addition, yesterday, Ukraine also passed a new law aimed at legalizing and standardizing cryptocurrencies.

related articles:

Selvado announced the use of BTC as a fiat cryptocurrency trading platform but ushered in a plunge

El Salvador citizens demonstrate against the government’s use of Bitcoin as legal tender


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