Panamanian lawmakers will begin to analyze a draft bill aimed at regulating the country’s cryptocurrency. Local deputy Rolando Rodríguez (Rolando Rodríguez) submitted the bill to the Commerce Committee of the Panamanian National Assembly.

Authors of the draft Bill: Panama in this regard is far behind other countries

According to La Estrella de Panama, MPs are advocating an agenda that focuses on digitizing Panama’s economy. He believes that as the ecosystem “facilitates” economic growth, there is an urgent need to regulate the country’s encryption environment.

Rodríguez hopes that the bill will establish a legal framework for Panamanian companies that want to do business with digital assets, such as Bitcoin (BTC). He warned how Panama lags behind other countries in this matter:

When many countries in the world have begun to regulate cryptocurrencies and are at the forefront of the digital economy, using their interests and establishing legal mechanisms to protect their economy, population and contribute to the country’s development, Panama cannot be left behind. A new form of business.

Incorporate cryptocurrency into state-backed social security funds

In addition, members of Congress clarified that the encryption bill aims to bring “financial freedom” to all Panamanians who cannot use the traditional banking system.

He also hopes to use cryptocurrency to strengthen the country’s social security fund and the disabled, old age and death fund (IVM).

The politician believes that this is a critical moment for Panama’s national legislature to adopt a cryptocurrency friendly policy. He supports his comments by stating that he has “rich international experience” in regulating the crypto industry:

We believe that the Trade and Economic Affairs Committee of the General Assembly will give due attention to this important preliminary draft. It is hoped that the parliament will have necessary and extensive discussions, and that in the face of this ongoing globalization of the digital economy, the country can update its regulations and we must deal with the challenges.

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