While the European Union is doing everything it can to take the wind out of the crypto industry’s sails, other regions are playing their cards more skilfully. This week alone, there have been two reports of state-level bitcoin adoption. We are of course talking about the Central African Republic and Panama. While the former came as a complete surprise, even for insiders from the scene, at least Panama had quite a few Bitcoiners on their radar. Block trainer Roman Reher, for example, already wrote about the Central American state as a possible candidate for a BTC implementation in issue 56 of the BTC-ECHO magazine.
In view of two recently debated EU legislative proposals, the gap between brakers and progressive jurisdictions seems to be widening. The EU parliamentarians wanted to push through a Bitcoin ban in all seriousness in the MiCa regulation. Recently, a ban on unhosted wallets has also been up for debate. In other words: the EU is putting the brakes on, Panama and Co. are stepping on the accelerator.
Panama: Between tax haven and bitcoin country
Of course, concerns about money laundering are traditionally seen less closely in Panama than in this country. Ever since the Panama Papers, it should have been clear to everyone that the country is a tax haven. But who is the legal text, which the crypto-friendly MP Gabriel Silva had been preparing meticulously for some time, states: This is about real future visions for Panama. The justification says:
“Since cryptocurrencies are native forms of internet payment, Panama’s non-compliance with their use would mean […] that our people will be excluded from the global digital economy”.
One of the most important contents of the legal text is the possibility of paying taxes in Bitcoin and Co. on the one hand and the elimination of capital gains taxes on BTC sales transactions on the other.
Gabriel Silva is doing his homework
The paragraphs are also preceded by graphics about the hockey stick-like growth of exponential technologies such as the Internet or smartphone use. You can tell: Silva and company have done their homework.
What is playing out here is therefore nothing less than the game-theoretical melange on the global chessboard. Because: At this point, Bitcoin is far too big to be banned. It is not for nothing that Bitcoin enthusiasts consider the mining ban in China to be the biggest geopolitical mistake in recent country history. The hash rate is well above the level before the mining ban. Chinese industry has not benefited from this since the summer of 2021.
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If the bitcoin-critical block in the EU Parliament continues its ban course, many a company could feel compelled to relocate. company, like binance are known for their agility and sometimes change their company location several times a year. meanwhile has binance according to CEO Changpeng Zhao no seat at all.
Panama at least would welcome them with open arms.
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