The legislation must now go through two more rounds of debate before making it to the president’s desk.
The Panamanian Legislative Assembly’s economic affairs committee approved a bill on Thursday regulating the use of cryptocurrencies in the Central American country.
The bill seeks to “give legal stability to crypto assets in Panama” and “develop the crypto industry in the country to attract more investments and generate more employment,” Congressman Gabriel Silva said. It also looks to have blockchain technology be adopted by the Panamanian government “to increase transparency and efficiency in procedures,” he said.
After receiving the committee’s approval, the bill now must be discussed by the full Assembly during a second debate – where it can receive further modifications – and then be reviewed at a third and final session. Following the legislative process, Panamanian President Laurentino Cortizo can veto or sign the law.
The original text, which was presented by Silva, was modified, Silva tweeted on Thursday, without specifying what was changed. “For me, it can be improved,” he noted in his tweet.