Imagine the possibility of paying your taxes and completing private transactions with cryptocurrencies. Thanks to the Panama Legislative Assembly, the possibility of this is no longer a figment of the imagination.
It is an undisputed fact that the road to global crypto adoption lies in proper, effective, and adequate regulations. Panama is blazing the trail in this aspect. The Latin American country recently announced the approval of Bitcoin and eight other cryptocurrencies. Accepted cryptocurrencies include BTC, ETH, XRP, LTC, XDC, EGLD, XLM, IOTA, and ALGO.
According to the announcement, Panama’s recently approved regulatory law will also facilitate crypto tax payments. Also, citizens will be able to legally complete private transactions in crypto.
💥BREAKING: Panama just passed a law giving #Bitcoin legal status and zero capital gains tax. 🙌
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 28, 2022
The recently passed bill was first put forward by Congressman Gabriel Silva. The bill is a pointer to Panama’s interest in facilitating innovation. Gabriel Silva, while announcing the passing of the bill, also added that it will propel Panama closer to becoming “[…] a hub for innovation and technology.” According to him, the bill wasn’t just a win for Panama, but for Latin America and the world at large. As it will help bring awareness to the boundless opportunities made possible by properly regulating the cryptocurrency ecosystem.
Panama | El Salvador
Notably, Panama isn’t the only Latin American country making moves in the crypto space. El Salvador also recently adopted Bitcoin as a legal tender. The introduction of BTC as a legal tender in El Salvador was a big win for the entire cryptocurrency space. However, Panama’s regulation of cryptocurrencies might hold even greater opportunities for cryptocurrencies worldwide. Unlike El Salvador, which only recognizes Bitcoin (BTC), Panama is introducing regulations for a total of nine cryptos, including Bitcoin.
Notably, as part of the regulation, cryptocurrency will incur no capital gains tax. This is quite impressive as the capital gains tax has been a bone of contention among investors for quite some time. This, in turn, basically makes not just Bitcoin but eight other cryptos a recognized legal tender by default.
Also, unlike El Salvador’s regulation, Panama does not mandate businesses to accept payment in cryptocurrencies. Businesses can, also of their own volition, decide to accept or make payments in Bitcoin (BTC).
BTC Price Outlook
At the time of writing, Bitcoin was trading at $38,488.77 with a market cap of $731,994,590,854 and a 24-hour trading volume of $30,505,240,554. The token price is also up by 1.3% in the last 24 hours.
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