1 year ago
103 Latin America has seen massive adoption of a cryptocurrency over the past year. Many South American countries are now rolling out bills that will provide a proper regulatory background for cryptocurrencies and other related businesses.
Brazil and Panama are two of the nations that are leading the way to provide a proper regulatory structure for crypto-related businesses.
The two governments are about to approve crypto regulatory bills as their respective Parliaments keep working on the bills.
Other Countries Also Make Way For Crypto Adoption
Argentina is also threading on the crypto path, as it is fast becoming the first Latin American crypto-friendly country. The government is pushing for more digital asset adoption in several use cases. However, the country is still lagging when it comes to being friendly with regulations.
According to Statista, Columbia, Argentina, and Brazil have the largest share when it comes to crypto adoption in the region, based on data from 2019 to 2021. El Salvador has even gone a step ahead by adopting Bitcoin as a legal tender for the purchase of goods and services. However, the adoption has not yielded the level of support and adoption expected.
Panama’s Parliament recently passed a crypto bill, which is now in the third reading of the legislature. MP Gabriel Silva, who drafted the bill, celebrated the passing of the bill and noted that it will bring a positive impact on the country’s crypto industry.
Panama To Recognize Bitcoin As Official Means Of Payment
Although President Nito Cortizo still needs to sign the bill before it becomes a law, the overwhelming support the bill has received means it’s most likely going to scale. The process by the president is seen as a formality and is expected to be approved in the coming weeks.
Silva noted that the bill, when approved, is expected to open the door for the adoption of other crypto assets apart from Bitcoin. The bill will set up a taxation system for crypto activities. However, the more important aspect is the legalization of the use of Bitcoin (BTC) and Ethereum (ETH) as official means of payment in the country.
