At the Crypto Latin Fest event held in Medellin, Colombia, Panama’s Deputy Gabriel Solis talks with crypto about the future of Panama’s cryptocurrency and looks forward to being aware of the international experience the country has worked and invested in Bitcoin (BTC).
During the interview summit stage, our team asked lawmakers if Panama should invest in Bitcoin. He replied that he thought “it’s a fundamental step,” adding that the decision was “to establish it in law.”
Lawmakers put Panama in an international contexthighlights advances in the creation of adoption and regulatory frameworks for cryptocurrencies. In particular, he mentions the case of El Salvador, showing that President Naibe Bukere’s opponents initially opposed investment in the BTC, and now attempts to explain how profits should be handled.
«The opponents that President Bukere had opposed to the Savior at the time were particularly opposed to the Savior to invest in Bitcoin, but today I want to tell President Bukere how to invest the profits generated from that investment. So, in that sense, I think President Bukere was a visionary, pioneer, leader, and propeller of the digital economy and Bitcoin. And I think Panama has to aim for that. Panama has a very robust financial sector and is ready to serve the world».
Deputy Gabriel Solis.
A lawmaker who can see the Salvador experience when it comes to the government accumulating bitcoin for its treasures said he sees it “with very good eyes.”
Panama accelerates cryptocurrency regulations to GAFI pressure
Vice Solis The main driving force behind the bill aimed at promoting digital assets in Panamawith the aim of establishing a regulatory framework for use, attracting foreign investments and creating new jobs.
In an interview, when consulting with the initiative, Solís emphasized that in addition to creating incentives for innovation, he also attempted to provide legal certainty and transparency.
«We are developing these technologies that provide legal certainty and transparency, and seeking to ensure the arrival of investment and economic growth. We want to sow incentives for innovation and entrepreneurship in these financial sectors… Panama is not only a technology hub due to their geographical status, but also a country that could become a real reference in this field,” he said.
He also added that the proposal will focus more specifically on regulating virtual asset service providers. “We are touching on the review of Gafi in Panama in 2027 and we need to ensure that we are following all 40 recommendations made by GAFI, particularly at points 15 and 16 that require licenses from these companies.”
The International Financial Action Group (GAFI) recommendations must form a framework for guidelines that must be applied to ensure the transparency and integrity of their financial systems, and make it clear that virtual assets must also be considered.
Officials were very ambitious I hope that the law will be approved this year. He made it clear that they are making an effort to achieve this before this legislative period ends.
This is not the first time a digital assets initiative has been announced in the Panama Parliament. For example, in 2022, So-Calted’s “Crypto Law” was promoted under the proposal of Gabriel Silva’s sub-department. The initiative was managed to approve in the third discussion, but was ultimately rejected by President Laurentino Cortizo, who expressed concern about his reach and possible regulatory implications.