Panama’s lawmakers have approved a bill regulating the cryptocurrency market, and Cuba will begin issuing licenses for digital assets.

Latin America to Adopt Cryptocurrencies

Panamanian Congressman Gabriel Silva said the Panamanian National Assembly approved the “Cryptocurrency Law,” which will regulate digital assets. 

According to Silva, the law “seeks to convert Panama into a technology innovation hub in Latin America.” The bill aims to regulate “the trading and use of crypto-assets, the issuance of digital value, tokenization of precious metals and other assets, payment systems and other provisions.” 

Silva believes the law will help create more work opportunities and ensure financial inclusion. The main focus of the country’s development, according to the Congressman, should be the integration of the digital economy, blockchain, crypto-assets and the Internet into the country’s traditional economy.

The “Cryptocurrency Law” will give Panamanian residents and businesses the ability to use and accept cryptocurrency as a means of payment. The bill would not require a special license to use cryptocurrencies.

The Central Bank of Cuba (BCC) issued regulations for virtual asset service providers, stating that licenses will begin to be granted for using cryptocurrencies. The bank’s regulation to this effect was published in the official government bulletin.

BCC officials said they are willing to consider the legality, socioeconomic interest and characteristics of a crypto project that will apply for a license. The license will initially be issued for one year, with a one-year renewal option.

Crypto enthusiasts on the island are growing in number as cryptocurrencies help overcome obstacles created by US sanctions. However, the government considers that the uncontrolled use of digital assets could harm the country, while issuing licenses would improve the efficiency of payments and transfers.

Recall that the Central African Republic recently adopted Bitcoin as legal tender. At the same time, MEPs voted for a bill to regulate the cryptocurrency market and the National Bank of Georgia is developing a legislative framework to regulate the country’s crypto market.

Author: Ana Bustos García
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