Amidst Bitcoin (BTC) condign legal tender in El Salvador, another country in Key America is progressing on its manner to enable liberty to utilize cryptocurrencies like BTC and Ether (ETH).

On Monday, the Commonwealth of Panama introduced a neb on regulating cryptocurrencies, aiming to make the country "uniform with the blockchain, crypto assets and the internet."

Announcing the news on Twitter, Panamanian pro-crypto congressman Gabriel Silva stressed that the new legal initiative has the potential to generate thousands of jobs, create new investment sources, every bit well as brand the government "more transparent."

According to the draft bill document shared past Silva, the new legislation intends to recognize crypto assets similar Bitcoin every bit an alternative global payment method for "any ceremonious or commercial operation not prohibited by the legal system of the Republic of Panama." The bill authors emphasized that cryptocurrencies enable fast and low-price payments allowing them to finalize a fiscal transaction "regardless of the altitude betwixt parties and the transaction book."

In contrast to the regime of El Salvador, which has required local businesses to accept Bitcoin in exchange for goods or services aslope the United States dollar, Panama's new crypto bill does not intend to force obligatory Bitcoin acceptance. Instead, the legislation calls to establish freedom to utilize cryptocurrencies like Bitcoin and Ether in Panama, local Television set network Telemetro reported.

Related: Latin lawmakers don lazer optics on Twitter in support of Bitcoin

Silva said that the new draft nib was prepared in collaboration with Panamanian citizens and a multidisciplinary squad, including industry and engineering science experts. The legislation was created taking into consideration of import guidelines provided by international organizations such as the Financial Action Task Force, he noted.

Amid Republic of el salvador deciding to take Bitcoin every bit an official currency, more than countries in Central America accept been moving into the crypto manufacture. In tardily August, a company in Honduras reportedly installed the country's offset Bitcoin ATM, assuasive users to buy BTC and ETH using the local fiat currency, lempira.