Panama Tables the 'Crypto Law'
After El Salvador's president approved the bill to make Bitcoin legal tender, the wider crypto community focused on Panama back in June.
Policymakers of the tax haven, it has emerged, have forwarded a bill dubbed the 'Crypto Law.' If approved and made into law, then crypto holders of BTC and ETH would be free to make payments legally using the two coins and pay their tax obligations. Nonetheless, it should be clarified that payment using BTC/ETH, once legalized, would be subject to capital gains tax.
This is massive news for the crypto world as the dominos of crypto adoption begin to fall. By comparison, Panama is 5X wealthier than El Salvador, offering several banking services for high net worth clients—including companies and individuals.
At the same time, the Panama Canal is significant in their economy, revenue through which the Panama government has been using to gradually reduce poverty levels to around 12 percent as it stands. Policymakers view crypto as a tool to create even more employment opportunities, attract investors, and bring even more transparency.
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