Panama may soon follow El Salvador in making cryptocurrencies legal tender

[jsilva]

In brief: Following El Salvador officially declaring Bitcoin as legal tender, Panama could be the next country to adopt crypto as legal tender. Unlike El Salvador's law, Panama wouldn't be limited to Bitcoin, as the bill from Panamanian Congressman Gabriel Silva previews many other cryptocurrencies.

In a series of tweets posted by Gabriel Silva, the Panamanian congressman shared a video of himself giving an overview of the "Crypto Law" he's backing, a PDF detailing the bill, and a more friendly presentation for those that might think the PDF is too long to read.

Silva's bill explains that blockchain technology enables the public administration to be more transparent and efficient. The bill also states that cryptocurrencies would have to be regulated just like traditional currency and wouldn't replace other currencies already in use.

If this new law is accepted, the bill tells us businesses will have more sources of income and will create more jobs for the population. Cryptocurrency as a legal tender would also protect the country against inflation, bring more services that would help reduce prices and create a modern economy compatible with current and future standards.

Hoy presentamos la Ley de Cripto. Buscamos hacer a Panamá un país compatible con el blockchain, los criptoactivos y el internet.

Esto tiene el potencial de crear miles de empleos, atraer inversión y transparentar el gobierno

Pueden ver el proyecto aquí: https://t.co/6FoKdwbkwR pic.twitter.com/xDxfyS9BYI

— Gabriel Silva (@gabrielsilva8_7) September 6, 2021

This news comes just after El Salvador officially accepted Bitcoin as the country's legal tender, which might have been partly responsible for the $10,000 drop in value of the cryptocurrency a day after the announcement. At the moment, Bitcoin seems to have bounced back a little, with its value hovering around the $47,000 mark.

Besides El Salvador, other countries are also starting to see cryptocurrencies as an actual currency. Two weeks ago, Cuba announced it would recognize and regulate cryptocurrencies, which might help them work around the imposed US sanctions. In related news, just yesterday, Ukraine also passed a law that legalizes and regulates cryptocurrency.

Masthead credit: Thought Catalog

Permalink to story.

https://www.techspot.com/news/91175-panama-may-soon-follow-el-salvador-making-cryptocurrencies.html

 

[3volv3d]

I'd of thought el Salvador taking it up would boom prices but Sunday night everything went down down down.
Some peoples think the 600 million stolen caused issues but that was ages ago.
And others are seething at an inept POS like kim kardashian is talking about some sheet she knows nowt about. Trying to boost a token conveniently called Etherium Max.

But let's see what happens when Panama joins in. People seemed happy to buy their mcds n coffee with btc and prove the doubters wrong.

 

[VitalyT]

As they say, a new sucker is born every second.

 

[netman]

The end of $ Dominance is near which will bring entire World Peace...!

 

[3volv3d]

As they say, a new sucker is born every second.

Which is kinda why its going to expand I believe for quite a while. The whole NFT BS baffles me. The amount of money for what is the same as a csgo gun skin. But they sell for hundreds.
The brokers have invested in NFTs so there must be a market to attach them to a transaction. I mean its just to make digital money have a face.
Is it to show friends or so hackers find it easier?

The end of $ Dominance is near which will bring entire World Peace...!

Then we have this Stupid comment.
No offence but surely the people who can buy up all the tokens are the rich and the get richer.
Increasing the gap. starting a civil unrest and then maybe a civil war of sorts.
I can't see how crypto is anything more than a ponzi scheme.
The person who chickens out first and sells makes his money and then said token crashes and everyone left is stuck holding the bag until it climbs again and who knows if and when and how long. So...
Yeah. I can see how you can make money but its still BS cause it's nerd captalism.

 

[NightAntilli]

I'd of thought el Salvador taking it up would boom prices but Sunday night everything went down down down.
Some peoples think the 600 million stolen caused issues but that was ages ago.
And others are seething at an inept POS like kim kardashian is talking about some sheet she knows nowt about. Trying to boost a token conveniently called Etherium Max.

But let's see what happens when Panama joins in. People seemed happy to buy their mcds n coffee with btc and prove the doubters wrong.

Remember what happened with GameStop? The same thing is basically happening with Bitcoin. The ones with a lot of money and power in the traditional markets are trying to keep the price down, basically trying to force it to crash. Rather than making it crash to gain profits from shorting, like with GameStop, they are trying to crash it so they can buy all the Bitcoin from the ones that get scared.
They basically wanted to mess up El Salvador at the same time, because they don't want Bitcoin to gain traction.. During the crash, El Salvador actually doubled down and bought MORE Bitcoin. I don't think they were expecting that response.

There are definitely the ones that are trying to take advantage of regular people that don't know much about the space. I just discovered EthereumMax today by accident while watching a YouTube video. It's a complete joke and has nothing to do with Ethereum. If a "project" has a name similar to another project that is already well-established, stay away. And be extra careful when artists are promoting so-called 'crypto'-products, rather than actually participating in the crypto space.

In any case, Latin America will be the place where the majority of adoption will happen the quickest. Many of these countries are basically held down by the dollar, and Bitcoin offers them a way out.

 

[3volv3d]

Remember what happened with GameStop? The same thing is basically happening with Bitcoin. The ones with a lot of money and power in the traditional markets are trying to keep the price down, basically trying to force it to crash. Rather than making it crash to gain profits from shorting, like with GameStop, they are trying to crash it so they can buy all the Bitcoin from the ones that get scared.
They basically wanted to mess up El Salvador at the same time, because they don't want Bitcoin to gain traction.. During the crash, El Salvador actually doubled down and bought MORE Bitcoin. I don't think they were expecting that response.

There are definitely the ones that are trying to take advantage of regular people that don't know much about the space. I just discovered EthereumMax today by accident while watching a YouTube video. It's a complete joke and has nothing to do with Ethereum. If a "project" has a name similar to another project that is already well-established, stay away. And be extra careful when artists are promoting so-called 'crypto'-products, rather than actually participating in the crypto space.

In any case, Latin America will be the place where the majority of adoption will happen the quickest. Many of these countries are basically held down by the dollar, and Bitcoin offers them a way out.

Indeed big names glorifying trite. Kim has no Clue, and no right plugging a dodgy clone.

And I thought GameStop was a bunch of people on reddit messing with it.

Elon musk clearly has pull in making tokens go up n down. But everything is back up to Sundays figures I think or thereabouts.

 

[RudyBob]

Their current currencies and economies are essentially worthless. This won't help any but those that already have money. The poor always get hosed

 

[NightAntilli]

Their current currencies and economies are essentially worthless. This won't help any but those that already have money. The poor always get hosed

The citizens in the whole country got $30 in BTC for "free", pretty much. I honestly don't see how this can go wrong... The people are using the lightning network to pay, and it's extremely easy and fast;

https://twitter.com/i/web/status/1435321294472552453

As a for the poor getting hosed... How's this?;

El Salvador’s new bitcoin plan could cost money providers like Western Union and others $400 million a year, says President Bukele

El Salvador's bitcoin adoption could totally revolutionize the country's remittance payment rails.

www.cnbc.com

As a bonus;

https://twitter.com/i/web/status/1436041115250184194

 

[RudyBob]

The citizens in the whole country got $30 in BTC for "free", pretty much. I honestly don't see how this can go wrong... The people are using the lightning network to pay, and it's extremely easy and fast;

https://twitter.com/i/web/status/1435321294472552453

As a for the poor getting hosed... How's this?;

El Salvador’s new bitcoin plan could cost money providers like Western Union and others $400 million a year, says President Bukele

El Salvador's bitcoin adoption could totally revolutionize the country's remittance payment rails.

www.cnbc.com

As a bonus;

https://twitter.com/i/web/status/1436041115250184194

I know better then whoever wrote that because I am smarter and not getting paid

 

[Markoni35]

When I saw that most of mainstream media didn't spread this news, I knew it will cause a big drop in crypto value. Because rise/fall is always created artificially. If the news about crypto are overhyped and repeated in every media (especially that unrelated to finances) then it will pump up the value. But if there's no hype, if there's a negative sign (they mentioned those protests in El Salvador, right??) then it was clear crypto will sink like an anchor.

Crypto is not money. It's a commodity that one uses to earn money.