It is crucial for Panama because it aims to provide legal stability to crypto-assets, says Gabriel Silva, a congressman and one of the law’s advocates.
The second goal of the law, according to him, is to grow the crypto business and bring in investment that creates jobs.
XDC Network is a decentralized and hybrid blockchain platform powered by interoperable Smart Contracts, developed by XinFin that uses a combination of private and public blockchains.
On the other hand, the plan does not mandate the adoption of cryptocurrency as a payment mechanism.
Taxes may also be levied on cryptocurrency holdings in the future.
According to Silva, the new proposal was altered during the discussion due partly to the unification of two laws that had previously been introduced, as reported by CriptoNoticias in February last year.