NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Chloe Taylor

Lawmakers in Panama, the Latin American country with a reputation as a tax haven, have approved a bill that would regulate the use of Bitcoin and eight other cryptocurrencies and approve their use for paying taxes and for private transactions.

Gabriel Silva, a Panamanian lawmaker who promoted the bill, said on Twitter Thursday that the country’s National Assembly had passed the legislation. The bill will now pass to Panama’s president, Laurentino Cortizo, for his signature.

“This will help Panama become a hub of innovation and technology in Latin America,” Silva said, arguing that the legislation “will help create jobs and financial inclusion.”

A copy of the draft bill, shared by Silva on social media, said citizens, banks, and legal entities in Panama would be permitted to use several cryptocurrencies as a means of payment “without limitation.” Those were: Bitcoin, Ethereum, XRP, Litecoin, XDC Network, Elrond, Stellar, IOTA and Algorand.

Photo courtesy of Zach Copley.