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Stakeholders from Panama and India believe that their authorities should allow the public to make payment using Bitcoin. Gabriel Silva, a lawmaker from Panama, proposed a bill on Wednesday to restrict cryptocurrency use in the country. It appears that all parties of the Panamanian parliament are prepared to take the bill under consideration.

In the wake of El Salvador being the first nation to declare Bitcoin legal currency today, Panama might be next in line. It is proposed in Silva’s proposal that Panamanians be permitted to deal in cryptocurrency if they so desire, provided that it isn’t banned by law.

Financial organizations published documents that asked for an update to financial policies that will allow old financial systems to coexist with new digital currency ones. He said a financial institution might link with an exchange to do this. To that end, blockchain innovation will be used in the act to create “virtual IDs” for people and other groups.  Panama might become a worldwide leader in digital innovation if it had these tools in place.

Crypto in India

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In comparison, in India, an Indian retired central banker argued that digital currencies should be considered as legal forms of trade by his country. He stated that cryptocurrency should be recognized as property or commodities in India and be controlled by established regulations governing exchanges, in opposition to the Reserve Bank of India’s present attitude to digital coinage.

Gandhi, a retired Deputy Director of the Reserve Bank of India, spoke at an event held by the Online and Smartphones Association of India on Tuesday. Once digital currencies are approved, regulations regulating asset trades may follow, and the tokens can then be used to pay for products and services. Everyone may then start buying and selling right once.

Public officials are finalizing laws for cryptocurrency since Narendra Modi’s administration had originally recommended a prohibition on such transactions. As per Chainalysis, despite the RBI’s multiple warnings to the authorities about digital currencies, trade in the commodities soared to $6.6 billion in May, up from $923 million in April 2020.

Details on how much cryptocurrency a person owns for taxable income should be made available to authorities as well as the platforms, Gandhi said in an interview.

BTC Buying Frenzy in El Salvador

El Salvador’s leader, Nayib Bukele, revealed on Monday that the nation had purchased about $21 million worth of Bitcoin, which boosted the digital market advance of El Salvador being the first nation on the planet to legally embrace virtual tokens as legal money on Tuesday. 

On Monday, El Salvador purchased its first 400 BTC in two deals, per a Twitter post from Bukele. Marking the first purchase of 200 BTC in the nation, Bukele claimed the nation has intentions to purchase “a lot extra.” El Salvador became the first country to declare Bitcoin legal money on Tuesday, and the purchase coincides with the historic event.

According to the new law, which was passed by a vast number in June, the digital currency will now be El Salvador’s official money, along with the USD. He thinks the effort will increase international investors, wealth creation, and employment generation, and Bitcoin can also be used to buy stuff and pay taxes, according to Bukele.

A few hours later, however, the unpredictable asset fell about 3%. This was Bitcoin’s greatest value since the loss as the digital currency market collapsed three months ago.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.