Panamanian parliamentarian Gabriel Silva has introduced a bill that aims to make cryptocurrencies the official means of payment in the country. The initiative follows the introduction of a similar law in El Salvador. The bill will be encouraging the use of cryptocurrencies and other digital assets by the state – similar to how it is implemented in El Salvador. In addition, the need for the government to use blockchain technologies to identify and ensure transparency of activities is emphasized. It is worth noting that within the framework of the World Economic Forum, the potential of blockchain technology to fight against corruption was explored. However, the deployment of such decisions at the state level would be an unprecedented step and would be marked by a wide range of consequences.
The introduction of bitcoin in El Salvador was followed by several difficulties. This initiative did not find many supporters among the population – citizens expressed confidence that not the people as a whole would benefit from this, but only a limited group of people. Experts linked the fall of Bitcoin to the initiative of Salvadorian people. Nevertheless, the adoption of such a law in Panama will create another important precedent for other countries and will help them determine the adoption of appropriate decisions.
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