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Panamanian lawmakers will begin to analyze a bill that aims to regulate cryptocurrencies in the country. Deputy Deputy (MP) Rolando Rodríguez presented the bill to the Commerce Commission of Panama’s National Assembly.

Author of draft bill: Panama lags behind other countries in the case

According to La Estrella de Panama, the MP advocates pursuing an agenda aimed at digitizing the Panamanian economy. He believes in the urgent need to regulate the country’s crypto environment as the ecosystem “favors” the growth of the economy.

Rodríguez wants the bill to establish a legal framework for Panamanian companies seeking to do business with digital assets, such as bitcoin (BTC). He warned that Panama is lagging behind other countries in this area:

Panama cannot be left behind when many countries in the world have already started regulating cryptocurrencies and are at the forefront of the digital economy, reaping the benefits and creating legal mechanisms to protect its economy and its people and contribute to its development . new way of doing business.

Include cryptos in state-backed social security fund

In addition, the MP clarified that the crypto law is intended to bring “financial freedom” to all Panamanians who do not have access to the traditional banking system.

He also expects to bolster the National Social Security Fund and the Disability, Old Age and Death (IVM) Fund with cryptocurrencies.

The politician believes this is a pivotal moment in Panama for the national legislature to pursue crypto-friendly policies. He backed up his comments by stating that there is “vast international experience” in regulating the crypto industry:

We trust that the Assembly’s Committee on Trade and Economic Affairs will give due consideration to this important preliminary draft. Hopefully, the parliament will have a necessary and broad discussion and that the country can update its regulations in the face of this globalization of the digital economy, which will no longer exist, and we must rise to the challenge.

What do you think about Panama going to regulate cryptocurrencies in the future? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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