Panama Has Plans To Make XRP, XDC, BTC And Other Crypto Legal Tender

April 30, 2022 10:57 pm

With El Salvador and the Central African Republic being the first two nations to adopt Bitcoin as legal tender, other regions around the world are taking notice quickly.

One of those regions that are trying to follow the footsteps of these two countries is Panama which is currently attempting to pass legislation related to crypto adoption.

If Panama’s national assembly actually passes the recent proposals, the country will have been able to establish a framework on how to regulate digital assets.

Secondly, this would then build the foundation for it to accept crypto assets as payment which would include XRP, XDC, and Bitcoin.

To many, it sounds like this legislation actually passing is far from reality, but history has shown that decades can happen within months in the crypto world.

Bitcoinist.com reports:

The second goal of the law, according to him, is to grow the crypto business and bring in investment that creates jobs.

Thus, the plan calls for the acceptance of bitcoin and other digital currencies as payment methods over the whole of Panama’s geography. ETH, XRP, Litecoin (LTC), XDC Network (XDC), Elrond (EGLD), Stellar (XLM), IOTA, and Algorand are among the cryptocurrencies specifically named.

XDC Network is a decentralized and hybrid blockchain platform powered by interoperable Smart Contracts, developed by XinFin that uses a combination of private and public blockchains.

In addition, XinFin’s delegated proof of stake consensus (XDPoS) further enhances efficiency and lowers the need for complicated blockchain infrastructures.

Hundreds of DAPPs already started building around XDC network. Near zero gas fees, EVM compatibility, smart contract support and faster transaction time started attracting a large developer pool to build apps on the XDC network.

Panama is also stressing the fact that the adoption of these crypto assets for payment is only a voluntary feature and is not required.

The goal is to create an environment where the best digital solutions will succeed without any interference from regulatory bodies.

Taxes might also be levied on crypto holdings which would encourage the use of blockchain solutions within government functions.

Many within the crypto community have been advocating for this as it creates a sense of transparency and efficiency for all government procedures.

Fortune.com reports:

Gabriel Silva, a Panamanian lawmaker who promoted the bill, said on Twitter Thursday that the country’s National Assembly had passed the legislation.

The bill will now pass to Panama’s president, Laurentino Cortizo, for his signature.

“This will help Panama become a hub of innovation and technology in Latin America,” Silva said, arguing that the legislation “will help create jobs and financial inclusion.”

A copy of the draft bill, shared by Silva on social media, said citizens, banks, and legal entities in Panama would be permitted to use several cryptocurrencies as a means of payment “without limitation.” Those were: Bitcoin, Ethereum, XRP, Litecoin, XDC Network, Elrond, Stellar, IOTA and Algorand.

The currencies would be accepted as payment in both civil and commercial capacities, the bill said.

With such a wide range of crypto proposed in this bill which includes XRP, XDC, and Algorand, Panama might become one of the most pro-crypto regions in the world.

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