{"id":31997,"date":"2021-09-15T08:58:52","date_gmt":"2021-09-15T13:58:52","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=31997"},"modified":"2021-09-15T08:58:52","modified_gmt":"2021-09-15T13:58:52","slug":"panama-touts-bitcoin-ethereum-new-crypto-law","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-touts-bitcoin-ethereum-new-crypto-law\/","title":{"rendered":"Panama Touts Bitcoin and Ethereum in New Crypto Law"},"content":{"rendered":"

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Central America\u2019s\u00a0bitcoin<\/a>\u00a0adoption is on the rise, with Panama the latest country to flock toward cryptocurrencies. The development has unfolded on the very same day that El Salvador officially accepts bitcoin as legal tender. Now the Republic of Panama is moving in the same direction but is putting its own personal touch on the roll-out by also embracing\u00a0Ethereum<\/a>\u00a0and other cryptocurrencies as well.<\/p>\n

Panama has unveiled a cryptocurrency law in draft form, as announced by Congressman Gabriel Silvaon Twitter<\/a>. Similar to El Salvador, Panama wants to make bitcoin as well as Ethereum more popular as a payment method. Panama\u2019s lawmakers also want to support the use of the blockchain in the public sector as well as use the technology in its banking sector.<\/p>\n

The bill explains how Panama is compatible with the digital economy, including the blockchain crypto assets and the internet. The bill roughly states,<\/p>\n

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\u201cToday 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.\u201d<\/p><\/blockquote>\n

Prices Under Pressure<\/h2>\n

Despite wider-scale adoption of bitcoin and Ethereum, most of the broader cryptocurrency market is trading in the red today. The bitcoin price continues to hold $50,000, while Ethereum could be gearing up for a run toward $4,000.<\/p>\n

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Crypto Assets<\/h2>\n

The draft legislation touts bitcoin as a hedge against inflation and points to its divisible nature, saying that it can be \u201csubdivided into 100 million Satoshis\u201d as an example. It also acknowledges other cryptocurrencies including Ethereum and\u00a0Cardano<\/a>\u00a0for similarly being divisible into more assets than traditional investments lend themselves to.<\/p>\n

On social media, users were quick to point to the fees associated with Ethereum transactions in particular. The average Ethereum transaction fee currently hovers at just under $40,\u00a0compared to<\/a>\u00a0more than $50 in early September.<\/p>\n