Panamanian lawmakers to introduce bill on adopting cryptocurrency as legal tender in July

Panamanian lawmakers will introduce a bill on the adoption of cryptocurrencies as legal tender in July.

Market Report

June 17 (Bloomberg) – The cryptocurrency market is mainly up today. As of writing, BTC is at $38,678.40, down 0.28% intraday, ETH is at $2,406.478, down 0.43% intraday, LTC is at $169.208, up 1.37% intraday; OKB is at $13.670, up 0.36% intraday; DeFi section is up in general, the top three intraday gainers on OKEx platform are. MASK (+16.20%), TRADE (+12.79%), KINE (+7.61%).

Panamanian lawmakers to introduce bill on adopting cryptocurrency as legal tender in July

OKEx platform trading data

OKEx trading big data shows that the total position of BTC contract today is 1.512 billion USD, the number of long and short positions is 1.49, the active buying volume exceeds the active selling volume by about 20 million USD; in terms of elite positions, long accounts are 40%, short accounts are 57%, and the average elite long and short positions are 20.71% and 16.02% respectively.

Industry Highlights

[Industry] Valour and Arcane Crypto Sign Letter of Intent to Plan to List Crypto Fund ETP

Valour, a wholly-owned subsidiary of DeFi Technologies, signed a letter of intent with Arcane Assets AS, a wholly-owned subsidiary of crypto fund Arcane Crypto, to explore the issuance and listing of an exchange-traded product (ETP) based on the crypto fund Arcane Crypto. Valour and Arcane Assets are working on a final partnership agreement and offering plan, which is expected to be completed later this year.

[Industry] SEC Again Delays Decision on Vaneck Bitcoin ETF

On Wednesday, the U.S. Securities and Exchange Commission (SEC) said it is seeking additional comments on whether to approve Vaneck’s bitcoin ETF. It was reported that in late April, the SEC issued a notice saying that it would need more time to make a decision on the Vaneck Bitcoin ETF, with June 17 being the date specified in that notice for a decision. In addition, the SEC has previously postponed the decision date for the WisdomTree Bitcoin ETF until July 14 and the decision date for the Kryptoin Bitcoin ETF until July 27.

[View] Fed Chairman Powell: Inflation likely to remain high in coming months

Federal Reserve Chairman Jerome Powell said policy will continue to provide strong support for the economy. Inflation is likely to remain high in the coming months before moderating. Inflation is likely to be higher and more persistent than we expect. If inflation expectations are too high, preparations will be made to adjust policy. Many participants predicted that the conditions for a rate hike will be met sooner than expected. The Fed’s goal is to keep inflation above 2% for some time. Even after the rate hike, policy will remain highly accommodative.

[Industry] ZEC to activate network upgrade 5 test network on July 1

Zcash development company Electric Coin Company (ECC) announced that it will activate the beta network for Zcash (ZEC) Network Upgrade 5 (NU5) on July 1. This upgrade contains multiple Zcash Improvement Proposals (ZIPs) and may eventually be activated on the main network. activation of the NU5 test network is a key step in moving the system from the original shield system, zk-SNARKs, to the Halo authentication system. This change aims to address two aspects of ZEC, moving Zcash from a trusted setup and upgrading the underlying cryptography of the protocol. In addition, the upgrade brings a unified address that will provide users with a single Zcash address that is compatible with all Zcash value pools. It is reported that the ZcashNU5 test network will be officially launched on July 1. It will then go live on the main network in October, coinciding with the planned release of Halo Arc.

[Industry] Panamanian Lawmakers to Introduce Bill on Adopting Cryptocurrency as Legal Tender in July

Bakkt has allowed its wallet users to send bitcoins, gift cards and cash from its wallet to anyone, including to people who don’t use the app (via email). Panamanian congressman Gabriel Silva plans to introduce a bill next month that could address the adoption of cryptocurrencies as legal tender and create tax incentives for crypto-related businesses. This month Silva and his team will now gather comments from different parties, including lawyers, bitcoin users, crypto-related companies and government officials. silva did not reveal more details about the specifics of the bill, but he said he will determine its content after meeting with stakeholders. Panama’s current constitution prohibits the government from mandating only certain currencies as legal tender, which could help bring bitcoin into legal tender.

Regarding tax incentives, Silva said the country has plans in place to attract crypto companies through mechanisms such as work permits and tax exemptions. (CoinDesk) In previous news, Panamanian lawmaker Gabriel Silva tweeted, “Panama cannot fall behind and must support cryptocurrencies if we want to be a true center of technology and entrepreneurship. We will prepare a proposal to the Parliament. If you are interested, you can contact me.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/panamanian-lawmakers-to-introduce-bill-on-adopting-cryptocurrency-as-legal-tender-in-july/
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