Global Bitcoin (BTC) adoption is gaining traction…
Panama National Assembly lawmakers recently authorized a bill to regulate and use crypto assets in the country.
Through the legislation, Panama, which is well-known as an offshore financial services hub, will allow for the commercialized use of bitcoin and other crypto assets in the public and private sectors.
But it goes beyond digital coins as well. Independent lawmaker, Gabriel Silva, said the government is seeing the emergence of many crypto assets, including non-fungible tokens (NFTs).
Silva noted that because of their rapid rise in popularity, Panama’s government also wanted to ensure the country wasn’t limited to strictly using cryptocurrencies.
Because of this, the bill includes rules around trading crypto assets, the issuance of digital securities, crypto-focused payment systems, and the potential tokenization of precious metals.
This means citizens will have the option to use a variety of crypto assets to pay for any legally-operated civil or commercial business.
In turn, many experts are confident that this could help the country’s unbanked, as even with high levels of internet usage, many do not have accounts with financial institutions.
It could also make banks that have largely opposed cryptos embrace their usage within their systems.
But on a broader note, this is a major step forward for global adoption – adding to El Salvador’s and the Central African Republic’s own approvals for bitcoin to become legal tender.
This is due to the fact that Panama’s approval will likely fuel further momentum within the space, as it could convince other countries of the benefits of crypto assets.
Even though the sector has faced some challenges in recent months, digital currencies such as bitcoin offer easy transactions, incredible security, transparency, privacy, and lower trading fees.
Meanwhile, they can help investors diversify their assets, protect against inflation, and even make cross-border payments significantly easier.
So, the crypto sector’s ongoing mainstream adoption will likely provide a boost to bitcoin in the long term.
It will also likely benefit Ethereum, Ripple (XRP), Litecoin, XDC Network, Elrond, Stellar, IOTA and Algorand – the 8 other cryptos approved in the bill.
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