After El Salvador announced that bitcoin was recognized as legal tender, Panamanian Congressman Gabriel Silva spoke out about the need for cryptocurrency to be accepted as legal tender. The congressman will present a paper next month that will separately look at tax breaks for cryptocurrency-related companies.

“I found El Salvador’s project positive, ambitious, interesting and with good acceptance,” Silva said, adding that he seeks to adapt that project to the reality of Panama and constitute a “positive competition.”

This month, the congressman and his team will be collecting comments from lawyers, Bitcoin users, cryptocurrency companies and government officials.

Silva did not disclose more detailed information about the specifics of the bill, but said that he will determine its content after negotiations with interested parties.

According to Silva, Panama’s current constitution prohibits the government from listing only certain currencies as legal tender, which could facilitate the inclusion of bitcoins as a currency.

Panama already serves as the headquarters for many multinational companies, which may be attributed to its reputation as a tax haven.

Source: finance.yahoo