Posted on 09/18/2021 9:03:55 AM PDT by aMorePerfectUnion
Going on to explain why the move to legalise cryptocurrencies is a good option for Panama, the 32-year-old congressman listed the enhancement of job creation, the support for innovation, government transparency, the emergence of new businesses or ventures, decentralisation, and the expansion of what the country’s financial services industry currently offers.
“Today, we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet. This has the potential to create thousands of jobs, attract investment and make the government transparent,” the lawmaker said based on the translation of his tweet....
The journey to possibly legalise Bitcoin will see Panama battle resistance from the World Bank in the technical implementation of its proposed dive into the digital currency world, just as the monetary watchdog denied El Salvador. Monetary ties may also be cut off by these financial organisations, emphasising the energy requirement that Bitcoin or most blockchain protocols demand.
While the proposed Panama crypto law has no defined timeline, the lawmaker noted that inputs are welcome to improve the proposal's provisions.
El Salvador is complicated. They use US dollars. Makes it impossible to create more currency.
Their crypto solution will be tricky to pull off.
They intend to create a government Bitcoin wallet called Chivo, but you won’t own the bitcoins - just a claim on bitcoins. The concern is that the Gov’t will control this to create additional claims, in a sense creating more currency.
This goes against the essence of a non-governmental, decentralized crypto currency.
Plus these Central American poluticians always seem to skim off plenty for themselves.
Panama is different.
“Panamanian Congressman Gabriel Silva introduced a bill designed to provide “legal, regulatory, and fiscal certainty to the use, holding and issuance of digital value and crypto assets in the Republic of Panama.”
So this *proposed* law legitimizes crypto - not just Bitcoin.
So my understanding is that this would happen in addition to the dollar.
so a cellphone is will required, good luck wi that in hillcountry...
if a stone falls on the jug, it’s bad for the jug
if the jug falls on the stone, it’s bad for the jug
it’s always bad for the jug
the peons always get it in the neck
p.s. thx...
Interesting. Central America is sending their poorest and least educated to gringo land where the stupid gringos will pay for their care and feeding. Billions will be sent back in remittences where it will buy cryptos. Time to consider a move to Central America if you can.
Pretty easy to establish residence in Panama.
Panama and Costa Rica are the only places in Central America I would live personally
Honduras, Guatemala, Nicaragua, and El Salvador will be empty by the time Biden’s 4th term is over.
Hum, maybe I will see one bitcoin when it hits 150,000, one when it hits 400,000 and one when it hits 1M. The Etherum shall remain as an ever constant for my two boys.
Maybe this is the tipping point for the USD and America will default and try to impose the American Dollar across North and South America just as the Euro in Europe.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.