Bitcoin Legal Tender in Panama

[suzanne5223]

Yes, this is great news but according to the research I did and the content provided by the OP. Bitcoin was not legal tender in Panama but it was signed and as a legal payment method.
Read this message which was translated by the OP.
"Panama will venture into the legalized digital economy" and "This action of the deputies opens the doors to bitcoin (BTC) and cryptocurrencies, proposes to give legal stability to these digital elements, in addition, it is made explicit that the proposal does not oblige the use of bitcoin as a means of payment because it is presented in an optional"
They never said Bitcoin was legalized as legal tender.

Does that mean Panama is only legalizing bitcoin as legal tender but not as legal currency?

It means Panama only legalized Bitcoin as legal payment, not legal tender which is still good but the news article site seems to understand this part when they wrote their news.
It will be hard to see Countries with national fiat currency legalizing Bitcoin as legal tender.

Whatever the legality of bitcoin there, I think that is big news that needs to be welcomed by the "bitcoin" crypto community around the world. Over time adoption is getting better and this gives us hope about a good future to hold bitcoin for a long time. If Panama succeeds in doing so, then we can also expect other countries to follow suit in the near future.

Yes, no matter the legality the Panama government signed for Bitcoin it's still a piece of good news but there's already hope about the good future to hold Bitcoin for a long time even before El Salvador legalizes Bitcoin as legal tender although all the legalizes Bitcoin is experiencing is strengthen the enthusiasm of Bitcoin holder.

[el kaka22]

Central Africa just recently did as well, right? What does this change in the tax situation? I mean if I earn crypto by trading, how does it see? Is it still same as me turning my fiat to dollars and back to my fiat and profit from it? Or is it seen as a way that I profited like if I were a company and sold a product?

In any case, we are talking about a proper increase in the level of bitcoins reputation because we are getting more and more attention and that is a great thing for us. I personally love it when bitcoin is taken seriously because when I first got into crypto, we weren't taken seriously at all and now we are legal tender in 3 nations.

[Reid]

@fillippone if this is Twitter, I started following you.
I just finished reading about the Central African Republic thread and now this. Dude, you are updated really fast and I appreciate you sharing it with us with complete compilation of what needs to be read for fact checking. Thank you.
Welcome Panama and I wish this keeps up. Slow but steady. Bitcoin will crawl on every country. We are not in a rush.

[777Jolami]

that's awesome, if bitcoin legal tender in panama is successful it can allow citizens to pay taxes, fees and other government obligations with digital currency and bitcoin has taken a step forward  higher, I hope more countries will continue to accept bitcoin.

[Paul Pogba]

I very happy to hear that panama will legalize bitcoin soon, it will make bitcoin's position even stronger and harder to get banned anywhere, i hope the people of panama get prosperity after the government legalizes bitcoin.

[Franctoshi]

Another good news for Bitcoin, the way in which some countries recent Bitcoin adoption as a legal tender is going is becoming more interesting.
There is going to be a particular point in the future, I think it will enter into a competition stage where some countries wouldn't want to be left out or seen as the last to do so, so the earlier the better because fiat is going down and BTC is the future of money and way forward to escaping the rising inflation around the world.

[Lubcub62]

Hopefully the steps taken by Panama are not too hasty and too pushy like El Salvador.

and after reading about panama above. it turns out that Panama is better in this way of administering bitcoin.

while in el salvador the approach was too sudden and led many of the citizens to take to the streets and refuse. although it's only a matter of time until the citizens accept this bitcoin adoption. behind the good news for bitcoin, it turns out that there are problems that are not good in el salvador itself for its citizens who do not understand cryptocurrency.

[JayJuanGee]

Hopefully the steps taken by Panama are not too hasty and too pushy like El Salvador.

and after reading about panama above. it turns out that Panama is better in this way of administering bitcoin.

while in el salvador the approach was too sudden and led many of the citizens to take to the streets and refuse. although it's only a matter of time until the citizens accept this bitcoin adoption. behind the good news for bitcoin, it turns out that there are problems that are not good in el salvador itself for its citizens who do not understand cryptocurrency.

Where are you getting those dumb-ass talking points Lubcub62?  Did you come up with them on your own?

Some of the foundational simplicity aspects of El Salvador's law was holy shit amazing, and yeah of course, there are frequently going to be implementation issues and surely not everyone is going to agree either, but I doubt that there was as much opposition to the law as what is being portrayed in various mainstream renditions  - or that even the opposition that actually does exist in El Salvador have been opposing on grounds of actually understanding what bitcoin happens to be. 

I am not even going to suggest that there would NOT be concerns regarding various implementation concerns in El Salvador or that there are not various risks and/or problematic areas - including custodial issues.. and even potential power transition issues, including who's holding the value.

Surely, this thread is about Panama and Panama has a different take - including some aspects that may well seem to be way more receptive to various shitcoins being treated similarly to bitcoin, and likely we are still quite early in terms of watching how Panama implements and the extent to which Bitcoin might end up being increasingly used and/or held within it's jurisdiction.  For sure, there can be many benefits in terms of seeing how various earlier jurisdictions vary in the way that they start to allow for bitcoin within their jurisdictions - and  perhaps various gold standards (or Lindy effects) will start to show themselves with the passage of time.. but we do seem to be in pretty damned early stages, and I already anticipate that some jurisdictions might well end up having rug pulling actors that end up contributing to ongoing learnings, but also some possible early-stage growing pains.. that had previously been done at more individual levels then transitioning to large institutions and governments carrying out some behaviors that we had seen in earlier times through individuals, smaller and more simplistic players.

[n0ne]

The Latin American country approved bitcoin along with eight other cryptocurrencies as legal tender within the country. Accepted cryptocurrencies include BTC, ETH, XRP, LTC, XDC, EGLD, XLM, IOTA, and ALGO. Panama isn't the first Latin American country to adopt bitcoin, there is more news mentioning the adoption of Panama to be more potential than the one by the Latin American country El Salvador.

It is stated that El Salvador, which only recognizes Bitcoin (BTC), Panama is introducing regulations for a total of nine cryptos, including Bitcoin which makes it more effective. As part of the regulation there is no capital gains tax. Businesses in Panama have been given the access to accept bitcoin and it isn't mandate according to the regulations. More good things happening in Panama and the same needs to get spread around.

[JayJuanGee]

The Latin American country approved bitcoin along with eight other cryptocurrencies as legal tender within the country. Accepted cryptocurrencies include BTC, ETH, XRP, LTC, XDC, EGLD, XLM, IOTA, and ALGO. Panama isn't the first Latin American country to adopt bitcoin, there is more news mentioning the adoption of Panama to be more potential than the one by the Latin American country El Salvador.

It is stated that El Salvador, which only recognizes Bitcoin (BTC), Panama is introducing regulations for a total of nine cryptos, including Bitcoin which makes it more effective. As part of the regulation there is no capital gains tax. Businesses in Panama have been given the access to accept bitcoin and it isn't mandate according to the regulations. More good things happening in Panama and the same needs to get spread around.

I doubt that anyone reasonably could proclaim that Panama is "more effective" than El Salvador because they are more shitcoin inclusive. Opinions definitely are going to differ on that angle, and surely government choices end up being a balancing of interests that may or may not end up with anything close to perfection or even sometimes questions regarding whether policy changes or implementations actually end up adequately reflecting the balancing of constituents or the interests that they might be attempting to serve, and I am attempting to be more descriptive rather than judgmental.

Ultimately, I would concede that Panama's way of recognizing bitcoin (as well as other forms of crypto currencies/assets - aka shitcoins**) will cause it to have differing dynamics, and whether future jurisdictions gravitate more towards Panama's way or El Salvador's way is still to be seen - or maybe Panama and El Salvador end up learning from each other and move more towards the middle (or some hybrid version of their current selves)?

**By the way, whether you consider my use of the term "shitcoin" to label non bitcoin projects as judgmental would also not necessarily be any kind of a clear-cut unambiguous answer.

[JayJuanGee]

[edited out]

i read a lot of news about this el salvador. and some even made a topic about this el salvador. on this bitcointalk forum.

and just now I found for you a topic that discusses the intricacies of adopting bitcoin in el salvador.
here is the link :Why has bitcoin adoption failed in El Salvador? .

but apart from that. I really appreciate countries that dare to take such a step forward even though they have to face various risks that are quite difficult. but I believe the countries that take the step of adopting bitcoin will be the ones that continue to grow forward in the future. because they have far-sighted thoughts into the future.

Fair enough that you may well believe some of the El Salvador critical contents of your earlier post.

In any event, I will stand by the content and assertions that I already made within my response post, yet I had not seen that Ratimov thread that you linked above, so I will try to look at that thread later (hopefully within the next week)..

I placed a tab of that Ratimov thread in my "get to it later" section (note: sometimes I have lost my "get to it later" tabs.. so I cannot promise for sure that I will succeed to read through that thread soon).. ..

[Lubcub62]

[edited out]

i read a lot of news about this el salvador. and some even made a topic about this el salvador. on this bitcointalk forum.

and just now I found for you a topic that discusses the intricacies of adopting bitcoin in el salvador.
here is the link :Why has bitcoin adoption failed in El Salvador? .

but apart from that. I really appreciate countries that dare to take such a step forward even though they have to face various risks that are quite difficult. but I believe the countries that take the step of adopting bitcoin will be the ones that continue to grow forward in the future. because they have far-sighted thoughts into the future.

Fair enough that you may well believe some of the El Salvador critical contents of your earlier post.

In any event, I will stand by the content and assertions that I already made within my response post, yet I had not seen that Ratimov thread that you linked above, so I will try to look at that thread later (hopefully within the next week)..

I placed a tab of that Ratimov thread in my "get to it later" section (note: sometimes I have lost my "get to it later" tabs.. so I cannot promise for sure that I will succeed to read through that thread soon).. ..

even though the condition of el salvador is like the one in the news.

but in fact many countries are motivated and inspired by el salvador in taking this big step. and that's what makes me proud of el salvador despite the problems in his country. It is evident that several countries have followed El Salvador.

even in my own country crypto has started to be legal. and taxes for trading crypto have been in effect from May 1 yesterday.
which means the government has taken part in the development of crypto in my country. (Indonesia)

[amishmanish]

Its really interesting phenomenon. The countries which were in the backdrop pf international economic scene are the early adaptors of bitcoin as they are trying to solve their own unique economic challenges with bitcoin. These countries are taking calculated risk, they know that over time the bigger economies will adopt bitcoin and this will significantly increase the value of their holdings in future. But the larger economies are following same stand. All of them too weary, cautious and in line of their common understanding. Wait and watch
Anyways kudos to panama for being early adopter, this will go long way in strengthening your economy

[n0ne]

The Latin American country approved bitcoin along with eight other cryptocurrencies as legal tender within the country. Accepted cryptocurrencies include BTC, ETH, XRP, LTC, XDC, EGLD, XLM, IOTA, and ALGO. Panama isn't the first Latin American country to adopt bitcoin, there is more news mentioning the adoption of Panama to be more potential than the one by the Latin American country El Salvador.

It is stated that El Salvador, which only recognizes Bitcoin (BTC), Panama is introducing regulations for a total of nine cryptos, including Bitcoin which makes it more effective. As part of the regulation there is no capital gains tax. Businesses in Panama have been given the access to accept bitcoin and it isn't mandate according to the regulations. More good things happening in Panama and the same needs to get spread around.

I doubt that anyone reasonably could proclaim that Panama is "more effective" than El Salvador because they are more shitcoin inclusive. Opinions definitely are going to differ on that angle, and surely government choices end up being a balancing of interests that may or may not end up with anything close to perfection or even sometimes questions regarding whether policy changes or implementations actually end up adequately reflecting the balancing of constituents or the interests that they might be attempting to serve, and I am attempting to be more descriptive rather than judgmental.

Ultimately, I would concede that Panama's way of recognizing bitcoin (as well as other forms of crypto currencies/assets - aka shitcoins**) will cause it to have differing dynamics, and whether future jurisdictions gravitate more towards Panama's way or El Salvador's way is still to be seen - or maybe Panama and El Salvador end up learning from each other and move more towards the middle (or some hybrid version of their current selves)?

Probably both the countries at present have some difference in the way of adoption as well as with its regulation process. This could end up both learning from each other. The adoption by El Salvador is stated as a failure, but that isn't the truth. Immediate impact out of bitcoin adoption could've happened if the price of bitcoin have touched $100k by now and there is complaint that majority of the people just make use of the bitcoin and never use the chivo wallet anymore. With Panama, there is private transactions that can be made makes it better and acceptance of more cryptocurrencies could make people use cryptocurrencies.

[24Kt]

Its really interesting phenomenon. The countries which were in the backdrop pf international economic scene are the early adaptors of bitcoin as they are trying to solve their own unique economic challenges with bitcoin. These countries are taking calculated risk, they know that over time the bigger economies will adopt bitcoin and this will significantly increase the value of their holdings in future. But the larger economies are following same stand. All of them too weary, cautious and in line of their common understanding. Wait and watch
Anyways kudos to panama for being early adopter, this will go long way in strengthening your economy

Panama has considerably small population so implementing this kind of initiative is not hard to communicate with its people. It is relatively a small country as well so it is not very hard to see the impact of this move. Big countries are too cautious because there's a lot at stake. But with countries like Panama, they can try a bold move and if they failed, they can easily go back to where they are. I am guessing, more and more smaller countries will take a dip in crypto market. And see if there will be changes when it comes to their economic status.

[Lubcub62]

Its really interesting phenomenon. The countries which were in the backdrop pf international economic scene are the early adaptors of bitcoin as they are trying to solve their own unique economic challenges with bitcoin. These countries are taking calculated risk, they know that over time the bigger economies will adopt bitcoin and this will significantly increase the value of their holdings in future. But the larger economies are following same stand. All of them too weary, cautious and in line of their common understanding. Wait and watch
Anyways kudos to panama for being early adopter, this will go long way in strengthening your economy

Panama has considerably small population so implementing this kind of initiative is not hard to communicate with its people. It is relatively a small country as well so it is not very hard to see the impact of this move. Big countries are too cautious because there's a lot at stake. But with countries like Panama, they can try a bold move and if they failed, they can easily go back to where they are. I am guessing, more and more smaller countries will take a dip in crypto market. And see if there will be changes when it comes to their economic status.

at the beginning of adoption there will always be pros and cons from within the country itself. but over time everything will start to accept slowly.

and I see this country panama can be better than el salvador Due to its strategic location, Panama's economy is based on services, leading to banking, trade and tourism. and of course these sectors are very suitable when adopting cryptocurrencies.

and because the country of panama is also a transit country as a starting point for the cultural meeting point of all countries. which also means significantly facilitating communication between the Atlantic and Pacific Ocean coasts and global trade. then their step in adopting bitcoin could even be something that more countries will follow in the future.

[Darker45]

Has this been signed into a law already? I have yet to read a news stating that this bill has already passed into a law. I think this remains to be a bill until today as President Cortizo has yet to affix his signature on it. So we will know in the coming days if this will be approved or vetoed or will be resubmitted to congress for specific amendments before being reconsidered.

So far what is clarified is that Bitcoin is not to be declared as a legal tender in the country, but a lawful currency which is to be accepted in private transactions as well as in government transactions such as paying taxes.

It remains interesting to know how the likes of XDC Network, Elrond, Stellar, IOTA, Algorand, and others have been included in the proposed law and whether they will pass the review of the president. 

[Wong Gendheng]

The fun thing when hearing more and more countries legalized Bitcoin, this increasingly makes Bitcoin's position strong and I will make it as a long -term asset and investment, it is time for investors to be patient and continue to buy because of the great potential of Bitcoin in the future.

[fillippone]

Has this been signed into a law already? I have yet to read a news stating that this bill has already passed into a law. I think this remains to be a bill until today as President Cortizo has yet to affix his signature on it.

I don't think the bill has been signed yet. For sure when it happens, we will know trough an explosion of Twitter messages (price, not so sure).

[lixer]

Has this been signed into a law already? I have yet to read a news stating that this bill has already passed into a law. I think this remains to be a bill until today as President Cortizo has yet to affix his signature on it. So we will know in the coming days if this will be approved or vetoed or will be resubmitted to congress for specific amendments before being reconsidered.

So far what is clarified is that Bitcoin is not to be declared as a legal tender in the country, but a lawful currency which is to be accepted in private transactions as well as in government transactions such as paying taxes.

It remains interesting to know how the likes of XDC Network, Elrond, Stellar, IOTA, Algorand, and others have been included in the proposed law and whether they will pass the review of the president. 

It is not passed yet, it is basically offered and will be accepted but looking at who is supporting it, they have the power and they will pass it, so it is basically as good as done and that is why it was reacted this way. Legal Tender and what this approves is basically the same thing while giving people options to decline it if they do not want to use it.

This is why I believe that the best case to be made about the situation would be to make a profit if they want to use it, but if they decline it as a whole nation and just ignore it then this would provide of no use to any of us. Even the central Africa and El Salvador deals didn't help us, maybe helped them at best.