Panama to Make Bitcoin Legal Method of Payment, 0% Capital Gains Tax

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Panama Bitcoin 0% Capital Gains Tax

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The Panamanian National Assembly adopts a measure making Bitcoin a legal method of payment with a 0% capital gains tax.

  • Thursday the PNA passes a measure to regulate Bitcoin and “crypto” assets in the Central American country.
  • The measure allows for both private and public usage of such assets, as well as tax payment using Bitcoin.

The plan is more comprehensive than El Salvador’s, which declares Bitcoin legal tender, according to independent politician and bill sponsor Gabriel Silva.

The law includes Bitcoin trading and usage, digital securities issuance, and new payment mechanisms.

Panamanians will be able to utilize Bitcoin and “cryptocurrency” assets as a form of payment for any civil or commercial action that is not forbidden by law in the country under the new laws.

After passing through the parliament with 38 votes in favor and two abstentions and 0 votes against, the law presents itself to President Laurentino Cortizo for signature.

The law states that individuals, such as merchants, may opt to accept Bitcoin and “crypto” assets as a mode of payment.

This is without restriction, however they will not require merchants to do so under any circumstances.

Two Bills Combined For the Law to Pass

Representative Silva notes that throughout the three debates, certain changes were made to the text.

Part of the reason for this is the combination of two previous measures.

Silva introduced Bill 697 in September 2021, a 33-page paper.

In the measure he requests Bitcoin and etherium be legitimate currencies.

Cenobia Vargas Vice President of Bill 696, in August 2021 recommended Bitcoin as a payment mechanism.

His proposal, on the other hand, raised red flags by advocating legal recognition for the 7UT token.

The Digital and Blockchain Chamber of the central American country states that this “cryptocurrency” is tied to the former promoters of the OneCoin scheme.

This was yet another ”crypto” Ponzi scheme.

The National Assembly confirms the merger of the proposals on Twitter.

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