Panama Legalizes Crypto Transactions, But Won't Make Bitcoin Legal Tender
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Panama Legalizes Crypto Transactions, But Won't Make Bitcoin Legal Tender

3 months ago

Crucially, Panama won't be charging capital gains on Bitcoin, something that has been regarded as a pain point for investors around the world.

Panama Legalizes Crypto Transactions, But Won't Make Bitcoin Legal Tender

Panama has approved a law that will legalize crypto transactions.

However, the country isn't planning to follow in the footsteps of El Salvador and the Central African Republic by adopting Bitcoin as legal tender.

The new law means that citizens will be able to pay their taxes using digital assets — and the Central American country, already regarded as a hub for offshore financial services, could end up attracting crypto businesses.

Crucially, Panama won't be charging capital gains on Bitcoin, something that has been regarded as a pain point for investors around the world.

Although the president still needs to sign the bill before it becomes law, it received an overwhelming majority in the country's parliament.

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