Bitcoin Legal Tender in Panama

[MinMan]

These will increase in number no doubt. All the poor nations of the world will see bitcoin as a way to get out of trouble, I mean even dollar loses value and it is one of the biggest reserves in all of the world, probably the biggest ever as well. If bitcoin is used instead of dollars, then we could have reserves that gain value while staying there and that would be very helpful to pay the debts and that will be amazing.

I believe that we could turn a poor nation into a decent nation if they end up buying more and more bitcoin instead of using that money to buy dollars or something else. At the very least it would profit them over dollars at the very least.

[laredo7mm]

These will increase in number no doubt. All the poor nations of the world will see bitcoin as a way to get out of trouble, I mean even dollar loses value and it is one of the biggest reserves in all of the world, probably the biggest ever as well. If bitcoin is used instead of dollars, then we could have reserves that gain value while staying there and that would be very helpful to pay the debts and that will be amazing.

That will never happen at least they won't let that happen. It is true that some small countries legalize bitcoin not only to avoid inflation of the petrodollar but also to attract crypto investors to open up crypto-related businesses there. They are just trying to represent themselves as more crypto-friendly than others so that investors came with ideas into their country.

[Sebas.tian]

I think, this is a welcome development that will attract other countries to make bitcoin legal, and to enable the business men to accept bitcoin as a payment in their businesses. Panama youths will really use this opportunity to reduce unemployment from the land because their youths are very good in technology which will really help them to grow higher in the land. I believe their government will create a suitable environment for all business men and women in the land to be part of the benefits other countries that made bitcoin legalized are enjoying.

[Dunamisx]

These will increase in number no doubt. All the poor nations of the world will see bitcoin as a way to get out

Bitcoin will offer them such opportunity they couldn't get from using fiat over inflation in the economy, bitcoin has been helpful in areas of employability, decentralization, anonymity, fast, secured, reliable, and trust confineded which all these were absent in fiat currency, and aside the most reserve currency USD, bitcoin is also a world wide global corrency that is not tied to a particular country, location or region which also includes to making its uniqueness outstanding in playing a significant role on the economy.

 It is true that some small countries legalize bitcoin not only to avoid inflation of the petrodollar but also to attract crypto investors to open up crypto-related businesses there.

I disagree with this because investors funds aren't government or public money, if the fortune in bitcoin rises after a year will the government claim all the investors rights, i think the governments were as well thinking alternatively to secure the future with bitcoin whenever it rises and take good advantage to pay their loans and bills as when needed, and the goodness is when another bullrun occur or ATH which is their main target for adoption.

[sana54210]

These will increase in number no doubt. All the poor nations of the world will see bitcoin as a way to get out of trouble, I mean even dollar loses value and it is one of the biggest reserves in all of the world, probably the biggest ever as well. If bitcoin is used instead of dollars, then we could have reserves that gain value while staying there and that would be very helpful to pay the debts and that will be amazing.

I believe that we could turn a poor nation into a decent nation if they end up buying more and more bitcoin instead of using that money to buy dollars or something else. At the very least it would profit them over dollars at the very least.

This will need to be public knowledge for that to happen. I mean it is great that we are seeing a lot more nations doing legal tender work but in order for this to get a lot more attention, we need to actually do something much bigger and better.

Think about it this way, if panama and El Salvador gets "rich" all of a sudden, not like world power level of course because even bitcoin can't do that, but a decent level then we will see other nations follow them. But if nothing happens, which didn't happen so far since price is not good, then we will not see other nations jump on this that quickly and that seems to be the main reason for slow adoption rate so far.

[Agbe]

That means crypto currency (Bitcoin) is gradually going to be used in the whole world. Panama adoption of crypto currency which is bitcoin is an encouraging move to other countries. The number of Countries that will adopt bitcoin  in this year 2022,  before the year will end. It will be more. But I am just praying that more Countries in Africa should adopt bitcoin more than any other Continent in the world. Because the inflation rate Africa is something else. And bitcoin will save the African petrodollar Economy from the Capitalist elites. Panama Being the 3rd country to adopt bitcoin is a very good idea.
But I want Nigeria to adopt bitcoin so things will be very easy for the bitconners in the country. But my question is if 95% of the Countries adopt bitcoin will the total number of bitcoin available at the market wil be enough for all the Countries? Because if the total number of bitcoin is 21m. And the rich Countries adopt 20 what will the poor will use.  Will the rich Countries allow the poor to use it because there is a way the rich Countries will do to starve the poor Countries with bitcoin. The capitalist tendency in the world is very high.

[fillippone]

A cold shower is coming for those of you waiting for an immediate domino effect to Panama. The president wants all the checkboxes ticked before approving the crypto Laws.

Panama Pulls Back On Legalizing Crypto, President Wants Compliance With AML Laws

Panama has decided to postpone the legalisation of digital assets. According to multiple sources, Panamanian President Laurentino Cortizo has stated that he will not sign the crypto bill. The president stated in the statement that the only way for a reversal to occur is for the crypto bill to include measures that will prevent money laundering in the sector. This move has exchanges and people scrambling to get into the market as soon as the bill is approved.

To be honest, Panama is not famous for its strict AML/KYC measures. Still, the president probably recognises the stakes are pretty high here, as the cost of a "reaction" from other regulators could be detrimental to the country's interests.

[Mr.right85]

Panama has decided to postpone the legalisation of digital assets. According to multiple sources, Panamanian President Laurentino Cortizo has stated that he will not sign the crypto bill. The president stated in the statement that the only way for a reversal to occur is for the crypto bill to include measures that will prevent money laundering in the sector. This move has exchanges and people scrambling to get into the market as soon as the bill is approved.

There are many reasons why most people come into crypto and without much emphasises, money laundering is one of the reasons. Especially for some of the top political office holders out there, following the anonymous nature of the cryptocurrency field. Putting out measures for the crypto regulation as per preventing money laundering is almost impossible as, there are so many exchanges an wallets out ther that runs without any form of KYC and crypto lovers aren't a good to go people with KYC enabled platforms. Therefore, it's almost impossible to look towards the for a criteria for crypto adoption in Panama. Somehow, it's likely not to come to realisation but at least, it did make the news and that's good for crypto too.

[Wakate]

A cold shower is coming for those of you waiting for an immediate domino effect to Panama. The president wants all the checkboxes ticked before approving the crypto Laws.

It looks like President Cortizo wants strict money laundering controls to be enforced. This is one of the major problem other countries that had adopted cryptocurrency is facing and I believe that that could be a minimal effect to that if he actually wants to legalise Bitcoin as a legal tender. Looking at the whitepaper of Bitcoin, it tend to be a peer-to-peer electronic cash system without a need for a third party in-between.

The government are trying to alter the aim and objectives why the Bitcoin network was established. Looking at it, even before the Bitcoin network was established. The problem of money laundering had been a major problem to the use of fiat currencies, so why is the government trying to be paint Bitcoin with a bizzare colour when the issue of money laundering can never be encumbered.


https://news.robotshib.com/panama-president-demands-strict-anti-money-laundering-measures-in-new-crypto-law-11749.html

I think it is high time we need to change our mentality when it comes to the use of Bitcoin. Bitcoin was never create for the use of money laundering. It was established for a purpose and if bad people tend to hijack for their own gain, should we now see it as a gift? Bitcoin had made many investors and traders escape poverty and financial stability. I think the president of panama needs to concentrate on the major benefits of adopting Bitcoin rather than the weakness.

Panama has decided to postpone the legalisation of digital assets. According to multiple sources, Panamanian President Laurentino Cortizo has stated that he will not sign the crypto bill. The president stated in the statement that the only way for a reversal to occur is for the crypto bill to include measures that will prevent money laundering in the sector. This move has exchanges and people scrambling to get into the market as soon as the bill is approved.

This is a good move but he should not makes it look like Bitcoin could be a big detriment to the economy of the panamanian sovereignty. If the president wants to tackle money laundering and other illegal use of Cryptocurrency with a strict rules through the use of KYC, then that's a good move. It will be publicly accepted but that should not delay the adoption. All those rules can be put in place with time and should not elongate the adoption processes.

To be honest, Panama is not famous for its strict AML/KYC measures. Still, the president probably recognises the stakes are pretty high here, as the cost of a "reaction" from other regulators could be detrimental to the country's interests.

The adoption of Bitcoin could boast the panamanian economy because miners will find a good fountain there and the government will earn good funds from taxes and cryptocurrency regulations.

[fillippone]

After el savador successfully accepted bitcoin, now other latin american countries, namely panama, of course this is an idea that has gone through a long process, and i'm sure that panama will continue to develop into an influential economic power after legalizing bitcoin.

It is a long and difficult journey the of Bitcoin adoption. We have seen in El Salvador that things are not as smooth as many want us to believe. In addition to that, every country has to find their own way of implementing Bitcoin (CAR; for example, chose a different approach), based on the peculiar characteristics.

[Zlantann]

After el savador successfully accepted bitcoin, now other latin american countries, namely panama, of course this is an idea that has gone through a long process, and i'm sure that panama will continue to develop into an influential economic power after legalizing bitcoin.

Panama President President Laurentino Cortizo refused to sign the Panama crypto bill into law. Cortizo said he partially vetoed the bill because he wanted to be sure that the laws comply with global anti-money laundering standards. The bill will now go back to the country’s National Assembly for further debate and amendment. The difference between the Panama’s crypto bill and El Salvador’s Bitcoin Law as crypto is that Bitcoin became a legal tender in El Salvador. While Bitcoin would not be a legal tender in Panama but rather businesses would have a choice whether or not to accept digital assets for payment. I am really optimistic that the the bill would be signed after necessary adjustment.

[TheNineClub]

Obligatory Van Halen 'Panama' playing in the background Until this becomes a trend with countries whos economies are on better grounds, this mean little for crypto in general. It's a cool experiment, but I'll say it again, it won't solve the countries longstanding economic issues.

[DrBeer]

...but so far, NO ONE person has explained how an absolutely speculative asset will help the economies of countries that simply ineptly manage their economies?! What benefit will this give to the government and the economy of a particular country, and will it save us from mistakes in governing the country?! Can someone dare to explain and prove with reason? I am absolutely sure - no! Because this solution doesn't have SOLUTIONS for problems

[dataispower]

After el savador successfully accepted bitcoin, now other latin american countries, namely panama, of course this is an idea that has gone through a long process, and i'm sure that panama will continue to develop into an influential economic power after legalizing bitcoin.

i want to understand this thing fully, this panama does it mean that they have legalized cryptocurrency as a tender or they are still with the process of legalizing cryptocurrency as a legal tender. Because i know very well that bitcoin is not generally accepted to every nation, some countries is still scrutinizing if the adoption will be world recognized or not before they will follow another way of making it a legal currency. Bitcoin is a currency so many countries government hate, but I'm surprised after campaigning wrong about bitcoin Salvador still accept it

[Taskford]

After el savador successfully accepted bitcoin, now other latin american countries, namely panama, of course this is an idea that has gone through a long process, and i'm sure that panama will continue to develop into an influential economic power after legalizing bitcoin.

i want to understand this thing fully, this panama does it mean that they have legalized cryptocurrency as a tender or they are still with the process of legalizing cryptocurrency as a legal tender. Because i know very well that bitcoin is not generally accepted to every nation, some countries is still scrutinizing if the adoption will be world recognized or not before they will follow another way of making it a legal currency. Bitcoin is a currency so many countries government hate, but I'm surprised after campaigning wrong about bitcoin Salvador still accept it

There are still debates about bitcoin used for fraudulent activities and also the volatility is so much questionable because we experience a heavy ones which exist at the moment maybe this is one of the reason why we see a hard time for cryptocurrency to became a legal tender on 1st world countries. But since Panama is already almost into it now maybe lets just see the result because if this could give positive effect to them maybe this is one of the ladder for other 1st world country to also do it.

[Sithara007]

Unless the prices recover, I don't expect anymore countries to make Bitcoin their legal tender. President Bukele is facing a lot of rebellion in El Salvador, as the Bitcoin investments have gone done by almost 60% in value. And worse still, El Salvador is not a rich country which can afford such volatility. The same can be said about the second country which has awarded legal tender status to Bitcoin - Central African Republic. I just hope that the prices will recover by the end of this year. Or else, the critics may use the example of El Salvador, to scare governments away from Bitcoin.

[judaspriest]

After el savador successfully accepted bitcoin, now other latin american countries, namely panama, of course this is an idea that has gone through a long process, and i'm sure that panama will continue to develop into an influential economic power after legalizing bitcoin.

i want to understand this thing fully, this panama does it mean that they have legalized cryptocurrency as a tender or they are still with the process of legalizing cryptocurrency as a legal tender. Because i know very well that bitcoin is not generally accepted to every nation, some countries is still scrutinizing if the adoption will be world recognized or not before they will follow another way of making it a legal currency. Bitcoin is a currency so many countries government hate, but I'm surprised after campaigning wrong about bitcoin Salvador still accept it

There are still debates about bitcoin used for fraudulent activities and also the volatility is so much questionable because we experience a heavy ones which exist at the moment maybe this is one of the reason why we see a hard time for cryptocurrency to became a legal tender on 1st world countries. But since Panama is already almost into it now maybe lets just see the result because if this could give positive effect to them maybe this is one of the ladder for other 1st world country to also do it.

Of course we hope it can have a positive impact but I am a little pessimistic considering the current conditions are not very supportive and coupled with high volatility,
but what is clear is that we better see what happens to Panama later,
To become a legal tender in the world, of course, it needs consideration

[KaliLinux]

I am not so sure I am understanding this correctly, but even if the legislation that was passed at Panama seems to be very positive and favorable for bitcoin, it does not really give it legal tender status, bitcoin can be used as a currency and businesses are free to accept it but it is optional, however if bitcoin was legal tender then businesses will actually be forced to do accept it, but in any case this is a good enough law and the fact that you do not have to pay capital gains on your bitcoin earnings will be very attractive especially for the whales that can relocate themselves to Panama.

This way is much better than forcing it on the people of panama, btc despite being around for more than a decade is still a new tech to a lot of people, some are still struggling to understand the whole concept and how to use it.
with this option in place, those who feel comfortable and understand it enough will begin to accept it as part of their payment option. one step at a time, for now smaller countries are taking the bold step. Hopefully in the near future some of the big countries will pick up the slack.

I couldn't agree with you more but at the end of the Day, whether El Salvador forced it on the citizens or not, we must continue to give El Salvador the praises that they deserve because they Boldly and courageously took that first leap which others are learning hopefully from their "Mistakes" I believe it is great news all around and Panama being a tourist destination will definitely have an impact mostly on people that haven't already understand Bitcoin and Cryptocurrency in general.

[Sithara007]

I couldn't agree with you more but at the end of the Day, whether El Salvador forced it on the citizens or not, we must continue to give El Salvador the praises that they deserve because they Boldly and courageously took that first leap which others are learning hopefully from their "Mistakes" I believe it is great news all around and Panama being a tourist destination will definitely have an impact mostly on people that haven't already understand Bitcoin and Cryptocurrency in general.

The El Salvador president faced a lot of opposition from IMF and other international agencies, but still decided to make BTC legal tender. When he takes such a risky step, he understood that it could go both ways. Unfortunately for him, now the situation doesn't look very promising. The investment has more than halved and he is facing a lot of tough questions from the public. That said, I am not sure whether Bukele or El Salvador got the expected support from the Bitcoin community. Personally I believe that we could have done a lot more.