Panama Seeks To Adopt Bitcoin As Official Currency In Wake Of El Salvador Adopting The Crypto-Currency

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Panama Seeks To Adopt Bitcoin As Official Currency In Wake Of El Salvador Adopting The Crypto-Currency

A Panamanian Congressman, Gabriel Silva, has called for the nation of Panama to follow the lead of El Salvador and Paraguay and adopt crypto-currency Bitcoin as an official national currency.


The move comes just over a week since El Salvador President Nayib Bukele announced that the Central American nation would be making the radical monetary move.


Silva said:


"This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the Assembly. If you are interested in building it, you can contact me."


The El Salvador President announced that his nation was adopting Bitcoin as an official currency on June 5th, causing widespread interest and publicity across the globe. It is thought that El Salvador could heavily benefit from the currency for a number of reasons.


Firstly, Bukele has said that even if just 1% of Bitcoin wealth came to El Salvador, it would increase the nation's GDP by 25%, and there are hopes that as an official currency, El Salvador could become a hub of crypto-currency activity.


Secondly, 2.2 million of El Salvadorians live outside of El Salvador, mostly in the United States, and send back huge amounts of money to the country each year, as much as $6 billion. Because this money has to be passed through banks to get the money back to El Salvador this means that as much as 20% of that money is lost to financial institutions. If using Bitcoin to transfer money and no exchange fees are extracted, much more money would be coming into El Salvador.


Thirdly, 70% of El Salvadorian citizens lack bank accounts, making overseas payments, purchases and investment very difficult. With access to bitcoin wallets, this will be much easier and could strongly promote economic growth within the country.


Bukele's proposal states:


"Central banks [like the U.S. Federal Reserve] are increasingly taking actions that may cause harm to the economic stability of El Salvador…in order to mitigate the negative impact of central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria."


These are the exact same benefits to the El Salvadorian economy that countries like Panama and other Central American states will seek to gain by adopting Bitcoin officially, many of whom face the same social and economic problems.


[h/t: The Street]


Join the following websites and apps to get free #BTC and ways for passive income.


#UnbankYourself #Cryptocurrencies #PassiveIncome

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Thinking Humanity: Panama Seeks To Adopt Bitcoin As Official Currency In Wake Of El Salvador Adopting The Crypto-Currency
Panama Seeks To Adopt Bitcoin As Official Currency In Wake Of El Salvador Adopting The Crypto-Currency
A Panamanian Congressman, Gabriel Silva, has called for the nation of Panama to follow the lead of El Salvador and Paraguay and adopt crypto-currency
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