Panama may follow El Salvador in adopting cryptocurrency as legal tender

After El Salvador announced that BTC would be used as legal tender, Panama, which has introduced cryptocurrency regulations, may also quickly follow suit. However, unlike El Salvador’s law, Panama will not be bound by BTC as a cryptocurrency. In a recent tweet, Panamanian Congressman Gabriel Silva specially recorded a short video to explain the draft.

Gabriel Silva said:
Blockchain technology will make public administration more transparent and efficient, and the bill states that cryptocurrencies must be regulated like traditional currencies and are not intended to replace currencies currently in circulation.
If the new bill is passed, local businesses will have more sources of income and create more job opportunities for the people.
In addition, using cryptocurrency as legal tender can protect the country from inflation, bring more services that help lower prices, and create a modern economy that is compatible with current and future standards.
Earlier, El Salvador had just announced the acceptance of BTC as the country's legal tender, and the price of BTC plummeted by $10,000 due to the spread of market panic. However, the price of BTC seems to have rebounded and is hovering around $47,000.
Finally, in addition to El Salvador, there are reports that other countries are beginning to treat cryptocurrencies as a de facto currency. For example, two weeks ago, Cuba announced that it would recognize and regulate cryptocurrencies, speculating that this move could help circumvent US sanctions.
In addition, yesterday, Ukraine also passed a new law aimed at legalizing and regulating cryptocurrencies.