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Panama assembly passes law to allow use of Bitcoin and other cryptocurrencies

Photo by: Reuters/Erick Marciscano

According to Reuters, Panama's National Assembly nearly unanimously adopted a measure to regulate the usage and sale of crypto assets in a country already recognized for its offshore financial services center.

The law cleared the assembly on Thursday with 38 votes in favor, two abstentions, and 0 votes against. It now heads to President Laurentino Cortizo for signature.

The legislation regulates the trading and use of crypto assets, as well as the creation of digital securities, new payment systems, and the tokenization of precious metals. Panamanians would be able to use cryptocurrencies to pay for any civil or commercial transaction that isn't prohibited by Panamanian law.

Gabriel Silva, a Panamanian lawmaker who supported the bill, stated on Twitter:

“This will help Panama become a hub of innovation and technology in Latin America”