Members of the Panamanian Parliament announced a new law recognizing the independence of cryptocurrencies but not requiring private use.

The day before Salvador's Bitcoin law came into effect, Panama also announced new rules for its cryptocurrency law, which would treat Bitcoin as an alternative payment method and make the country more independent.

Gabriel Silva, a member of parliament who supports crypto in Panama, tweeted: "The potential for creating thousands of jobs is enormous. Making government transparent through investment."

According to a law introduced by Gabriel Silva, the new law aims to recognize crypto assets like Bitcoin as an alternative to international payments for "any public or private transaction. »Not prohibited by the law of the Republic of Panama. The bill states that quick and cheap payments can be made with cryptocurrency and that financial transactions can be done regardless of the distance between the parties and the volume of trade.

Unlike the Salvadoran government, which requires local businesses to accept US money and bitcoins in exchange for goods or services, Panama's crypto law does not require people to accept bitcoins. According to local radio station Telemetro, the new law focuses on liberalizing cryptocurrencies such as Bitcoin and Ethereum in Panama.

After El Salvador decided to accept Bitcoin as a viable option, more and more Latin American countries began to open up to Bitcoin. At the end of August, Honduras set up the country's first Bitcoin ATM, Uruguay and Paraguay had previously said they supported Bitcoin legislation, and the Argentine president decided to use Bitcoin to resolve the amount increases. .