Bitcoin Forum

Panama is the second country making effort to legalize crypto currency for civil and commercial operations. The central American country has introduced a bill to regulate the use of crypto currencies throughout the country. They intend to legalize Bitcoin and Ethereum (https://www.worldcoinindex.com/news/after-el-salvador-panama-plans-to-legalize-bitcoin-btc-along-with-ethereum-eth).

As far as I am concerned, this is good news for the crypto space. The Governments of El Salvador and Panama view this as a stepping stone to enhance the welfare of the citizens and growth for their economy. But I want to ask: what are the unforeseen potential dangers? Can anything go wrong along the line or is it rosy all the way?

I believe Panama sees an opportunity from using bitcoin as a regulated means of payment like El Salvador does.
the visible impact is likely to be long-term. when the government doesn't keep a good eye on how crypto assets are owned like bitcoin and others. I am sure that every citizen in El Salvador is aware that this is very risky for corruption and money laundering.
if Panama wants to implement bitcoin and ethereum in its country. they must have considered this. not only because of the interest to grow the economy of its citizens. but how to deal with the worst possible outcome of implementing this completely new system.

It is a wise decision for poor countries, to my mind, to adopt Bitcoin as a means of payment. They can’t cope with the inflation of their weak state currencies, so maybe crypto is the only solution for them. I think that it is a really good thing for citizens as they get more freedom, but it is not very good for the government as they lose control over finances, but I think that this tendency of accepting crypto will continue.

What do you think dude? The poor country taking advantage of the bitcoin craze? I dont think so, yes there are countries would probably make it as a path for that reason but Countries like Panama would probably be a good start especially when El Savador intiate it. Inflation is a huge problem but adopting crypto out of it will definitely help it somehow.

Articles like these are just trying to make hype. The people in the Latin countries including Panama, Paraguay, and Honduras which is also mentioned in the many articles are already using BTC, it's just their governments right now are trying to regulate it the same as the US is doing.

The only that is to wait I think is the finalized regulating rules of SEC and these countries are waiting for it too so they could just do what US SEC is doing.

It will be soon implemented in Panama since they already saw the good things happening in El Salvador. They cannot miss the chance because they too can do that thing. They only need to convince the majority of cabinet members of their Congress to pass the bill regarding the bitcoins and other cryptocurrency implementations. I think if Panama will also regulates the use of cryptocurrencies and their result will also be promising and a great success, it will be a domino effect to the other South American countries if they wanted to save their economy from crashing.

I think this is a very wise decision taken by the countries of Panama and El Salvador, of course they have prepared all the rules that they think will facilitate all transactions they do in the future.
 And they also have a goal to improve the economic welfare of the people and their country which is currently uncertain, bro.

I know that you're seeing it as good news but you must also aware if there are bad news that were coming from the turki like it was on the war with crypto. That news could be even stronger than the good news that came to the market.

it can go wrong along the line but the trend was still unpredictable. Some said the rebound will happen after the good news has come but the trend was changing drastically. I didn't even know what kind of news that was triggering this bearish trend but the good news meant nothing for now. The trend will be still on the bearish line. So many people have been asking the same question like you.
I see some people started to talk about the worst thing that can happen again for the future.