Topic: Bitcoin Legal Tender in Panama - page 3. (Read 830 times)

Such a news does not really move the market, although I would say it is because that the countries that has been adopting cryptocurrency so far are not really like the big countries in the world, and is just some small countries, which is El Salvador, Central African Republic and Panama. So, these countries are not really like the world powers, and are just smaller countries.

So, their adoption is not really making any impact at all. Let’s say for example that the US decides to adopt it as a legal tender, I believe that it will really have an effect in the market for sure.

A good step for Panama to immediately follow el savador who succeeded in legalizing bitcoin, I'm sure many citizens will benefit greatly from the legalization of bitcoin, and of course this makes us more optimistic about the future of bitcoin.

In fact, since Panama has wanted to legally bid for bitcoin since 2021, its crypto laws have been reviewed in accordance with the country's economic circumstances and conditions.  They have certainly been closely monitoring the situation and moves from El Salvador.  If they do end up becoming a very ideal standards( Technology Center) development organization in Latin America.  But it seems a bit rushed because when it comes to news they accept cryptocurrencies for payment.  Need to wait for the final approval result.
The strength of bitcoin is sovereignty and ideology.  It won't affect the value all of a sudden.  What are you hoping for the best for bitcoin???

Will we mention Brazil or Cuba there?  It will definitely be interesting

Some things are clearer considering the posts that shed light on some things, but sometimes it is not easy to figure out how the laws are formulated and what exactly they refer to. Panama is definitely a very interesting case and an environment in which Bitcoin will be in a position to show what it can offer in relation to fiat currencies.

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For me quite expected, because if you do not have your own national currency, it is very easy to add Bitcoin as one of the options. However, I emphasize as one of the options - because Bitcoin is only an alternative, even in the ES, which imposes it as a legal tender, but with the choice of everyone to use the USD.


I wouldn't say that this kind of news is not good, but people have realized that it is no longer something that can move the market in a positive direction. On the other hand, a war that could escalate into anything more than a conflict between the two countries at any moment, and unstoppably rising inflation certainly affect the way investors think when it comes to investing in Bitcoin.

It's really good to see another country taking friendly step ahead for legalizing bitcoin and Panama has done this in reality.There were rumours around for it but now the smoke has been cleared with passion of the bill but however i see some misconceptions over the net and Twitter also where people are assuming that BTC is legal tender in Panama which is not so true.

In actual case they have legalised the use of bitcoin payments in the country with passing of the bill and the best thing I liked about is 0% capital gain tax over it but the bill is still to be signed by the President as cleared by this tweet also :



But still it's good approach as Panama might be changing some rules giving it legal status in future but according to me if you are free to use bitcoin as payment system which is the base model for it then it's much better.The Panama's 50% population don't have a bank account and this could be game changing for them if they accept it.We have seen many people strikes and protest in El Salvador when it passed the legal status law.Hope people understand it and at last btc is free money but we can't impose it on people as it dematerialise the whole concept of freedom.

Speaking of US dollar then you can easily use it in Panama without even exchanging it as foreign currency as it's used in coexistence with the Panama legal currency Balboas in ratio of 1:1 which means 1 Balboas is equal to 1 USD .


For more details head to this file to check out the Dollarised economy Panama

This image speaks thousand words if you clearly understand it from depth :



The world is recognising the importance of bitcoin and how could it embrace themselves to rise against poverty to some extent and counter inflation.But still many will oppose this in fear of just losing control out of their hands but there are more important things than this.

The Bukele speculation about two more countries following the same step are turning out to be true slowly as @fillippone's thread about various countries accepting btc increases so hope this projection goes on mass scale soon.

Most likely, nothing will change much in Panama in the coming year. Perhaps within a few weeks after this news there will be some changes, but then everything will go into decline. A large number of countries are needed for a full-fledged global cryptocurrency system. Now you should not hope for any strong changes in the world.

Some folks around me kept asking me why is that the countries that are adopting bitcoin as legal tenders are developing nations. They argue that bitcoin would remain a financial underdog. I simply told them that it is only the sick that needs  physicians. These nations have simply discovered a remedy for some of their financial woes. CAR recently knew that they were dealing with the wrong physicians and they needed to change. And the wrong doctors are unhappy that the patient is now seeking an alternative cure. Bitcoin adoptions recently might be insignificant to skeptics, but El Salvador, Central African Republic and Panama is a huge win for bitcoin. Bitcoin adoption might not be the total cure of these nation's economic challenges, but it is a positive option.

This is great news. I recently heard about the Central African Republic adopting btc as a legal tender which you can transact commerce and pay taxes with and now Panama is doing same.
I think the adoption would be more successful in Panama cause of the volatile situation going in in the African nation. Panama itself is an ideal spot for bitcoin as it favours cryptocurrency.
This is the slow gradual adoption of bitcoin worldwide and I'm loving it.

Legalised of bitcoin was sounds good,but their was a doubt of how much it will works.Because the El people moves create this opinion to me.It was total twist in that country.The bad one of the El government was,they had forced to use of the bitcoin.But here panama had just make the bitcoin as a legal tender.So hope their will be some good response among the people of panama in the bitcoin price.

To understand what is happening in a Panama you must first realise that they have monetary freedom enshrined in their constitution. This means NO currencies can be legal tender.

Panama has no central bank either. By de facto the majority of the population currently bank and transact in USD. And there are no capital gains on USD appreciation. And there are no capital gains on appreciation of any other 'lawful currency' used for transacting or accounting purposes. Panama has a version of what is known as the 'free banking' model in monetary economics.

However not just any old token can be used as a 'lawful currency'. Major national currencies like USD, EUR, CHF, YEN, etc are all able to be used as 'lawful' currencies in the Panamanian banking system. But they cannot use Chuck-E-Cheez tokens or Canadian-Tyre tokens.

It appears that Bitcoin will be given 'lawful currency' status in Panama by this new bill which places it on par with other international currencies used there.

NOT 'legal tender' but 'lawful currency'. This is the ideal situation imho.

Does that mean Panama is only legalizing bitcoin as legal tender but not as legal currency?
Whatever the legality of bitcoin there, I think that is big news that needs to be welcomed by the "bitcoin" crypto community around the world. Over time adoption is getting better and this gives us hope about a good future to hold bitcoin for a long time. If Panama succeeds in doing so, then we can also expect other countries to follow suit in the near future.

That's right, according to satoshi's goal of creating bitcoin which is for freedom...

a good step from the panama government not to force their citizens to use bitcoin and give their citizens a choice whether they want to make bitcoin an alternative transaction and investment or not. With this news, I see that the big countries are a little behind from Panama and El Salvador.

As always, we don't have anyone from Salvador, nobody from CAR, but I'm used to it, we didn't even have anyone to translate the CCB statements from Chinese back in the days. Probably this will be the indicator for the next country that does something big when it comes to Bitcoin, it will be a country with no subforum on bitcoinktalk  

Back to the news itself:


I love this, this is how things should be done.
Not declaring overnight every business needs to adopt this, not forcing merchants to accept it, not forgetting to tell them they will need a bank account to instantly convert those BTC is they want $ and they will have to use a bank or an atm to get the cash, and so on and on.
On top of that, not spending government money trying to boost popularity!

Bitcoin means freedom and bitcoin should not be imposed, if you're forcing this I see it just as an attack on freedom.
With this move you respect everyone's decision, if they want to use it they will use it if they don't they won't, it's just like how shops are allowed to operate and choose what they are willing to accept, it's either "no cash" or "no cc' or "no checks". Boosting all day long about buying the dips, giving away millions in airdrops, using a government centralized platform for this, issuing bonds for some city that will never be built, this is not about bitcoin usage and freedom those are politicians' publicity stunts.

One thing, we had three countries to date, none of them had actually their own free floating currency, interesting pattern.

LE:
And of course, the price keeps dropping, the first time I was checking it today and as usual, again down -2,74% last 24h, I'm starting to wonder if we might need some country to ban bitcoin in order for it to go up!

In Reddit I got an answer that reiterates the view about the Constitution:


https://www.reddit.com/r/Bitcoin/comments/ue8f8s/comment/i6o5840/?utm_source=share&utm_medium=web2x&context=3

So yes, this is basically saying the legal tender is determined by the market, not by law. They state that the information on the banking website can be misleading (this seems strange to me, honestly) but they might want to discourage customers from depositing any currency but dollars (they might not interested in getting PLN or HUF, or possibly CHF).
But I am only playing the guessing game here.

Nice one Panama, bitcoin is really growing. Recently central African Republic adopted bitcoin as currency and am getting to hear the same news about Panama adopting bitcoin as legal tender, I can't wait to hear good news like this from top countries. We are about to round up the first quarter of the year and we have had several news about several countries accepting bitcoin , by the time the year runs out more countries will accept bitcoin.

I have also read a little bit about it and it seems that for what I have read Panama is unable to confer legal tender status, but the post of Rikafip may seem to call that into question, however it seems Panama has taken an approach similar to what we saw back then when merchants still used gold coins, instead of forcing each other to use a gold coin minted by a single government merchants knew the weight and the purity of each coin, so they just accepted the coins minted by the governments and transacted with each other with no problem by willingly accepting on their own all of those coins.

I would never make such a baseless accusation.

They definitely have a different approach than El Salvador and they clearly define that in their strategy :


In other words, anyone who wants will be able to use Bitcoin completely legally, and this will by no means be an obligation, as is the case in the ES when it comes to all legal entities. Panama is likely to be much more attractive to investors because of its very favorable tax laws than Malta, Gibraltar, or perhaps Madeira, which each wants to become a kind of crypto paradise (or at least have had such plans in the past).

I can confirm that. To be fully effective the law needs to be signed by Panama’s President Laurentino Cortizo. Only when it is signed the law will be in full effect and able to produce an impact.

For now Wiki shows PAB and USD as currencies in Panama, but not Bitcoin.

I've also read today (but sorry, I cannot find it now) that the Bitcoin-as-legal-tender may have not passed yet?
Also the English text in OP tells:

The best thing I could think of was to post your question in the Reddit thread and ask that to the user who posted the original content.
I will post it the answer here.