Panama Makes A Big Bitcoin Announcement

Panama is making a big announcement that could make the country a world leader in Bitcoin and Crypto. 

The country is passing pro-crypto legislation in order to make the Latin American nation-state the "hub of innovation" within the crypto space. 

Here is the news from CoinTelegraph (Keep reading to see the best part):

In a Thursday tweet, Panamanian pro-crypto congressperson Gabriel Silva said lawmakers had approved the "Panama Crypto Law" following a third debate. According to Silva, the law will “help Panama become a hub of innovation and technology in Latin America.”

According to Panama’s National Assembly, the Crypto Law is aimed at regulating “the trading and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other provisions.” However, Panamanian President Laurentino Cortizo must sign the approved bill before it becomes law.

“This will help create jobs and financial inclusion,” said Silva on the passage of the bill.

What makes this legislation so important? 

The bill eliminates Capital Gains taxes on all crypto transactions (source). Currently, in the United States, if you sell ANY amount of Bitcoin or crypto, you will be forced to pay capital gains taxes. 

This stifles the growth of the industry and the ability for users to use it as either a form of payment in exchange for goods and services or to hold it for a short period of time. 

Panama-map

(For those of you who have forgotten your world geography class lessons in 8th grade... we've included a map of Panama's location. Credit: Maphill)

The Panama Canal already makes the country a global center of trade and commerce. However, the government sees crypto as an opportunity to draw further international investment and grow its economy. 

Latin American countries continue to innovate and lead the world in Bitcoin and crypto adoption. 

Bitcoin and crypto have an opportunity to lift millions out of poverty and advance economies of countries that have normally taken a back seat on the world stage. This is great news for Panama, Latin  America, and global Bitcoin & crypto adoption.