Bitcoin Adoption in Panama and Central Africa

Treasury provides tax relief for stakers

On April 28, the FDP parliamentary group in the Bundestag invited to its first blockchain roundtable. The liberally managed Federal Ministry of Finance (BMF) has announced the cancellation of the ten-year extension of the holding period for cryptocurrencies used for staking and lending. If Bitcoin and Co. previously had to be held for ten years after staking for tax-free sale, this will be possible after one year in the future. The BMF will shortly issue a corresponding directive in a letter. The document, the draft of which is available to BTC-ECHO, is also interesting because it contains clear definitions for a number of basic cryptographic terms – a first in the German legal landscape. Roundtable participants also assured BTC-ECHO that the authority of Finance Minister Christian Lindner (FDP) is planning further adjustments to crypto rules. In addition to the FDP politicians, there was also a team of crypto and blockchain experts at the meeting.

The Central African Republic makes Bitcoin a means of payment

If the regulatory stone rolls slowly in Germany, it has reached the foot of the mountain in the Central African Republic. According to Reuters, President Faustin Archange Touadéra announced on April 27 that Bitcoin will in future be an officially recognized means of payment in his country. The crisis state’s national assembly previously unanimously passed a bill to regulate cryptocurrencies. The Central African Republic is the second country in the world to have decided to fully legalize Bitcoin and Co. Obed Namsio, the president’s chief of staff, told Reuters the move will open his country to new opportunities. Other members of the Central African Economic and Monetary Union, a group of common-currency states, to which the Central African Republic also belongs, reacted with more skepticism. They were ignored in the decision.

Panama Passes Far-reaching Bitcoin Law

Last week, it looked like Panama might become the third country to make Bitcoin legal tender. Although this hope has not been fully realized for constitutional reasons, a law that has been passed provides for the large-scale legalization of crypto services. The regulatory package opens the doors of the Central American country to crypto service providers and crypto payments, citizens should be able to pay their taxes in Bitcoin and Co. Unlike El Salvador, there is no obligation to accept cryptocurrencies for payments. The proposed law also includes regulations for crypto trading, issuance of digital securities, and tokenization of precious metals. Proponents argue that the law will benefit those who were previously excluded from Panama’s banking system. Critics counter that Panama is promoting its own reputation as an untransparent tax haven by taking this step. President Laurentino Cortizo has yet to sign the bill, but given the unanimous vote, approval is a formality.

Study: Moderate adoption of BTC in El Salvador

As the Central African Republic and Panama have followed suit in El Salvador, a study on the state of Bitcoin adoption in the frontier state was released last week. the american american National Bureau of Economic Research (in regards to) paints a mixed picture. Data from the independent research organization shows that only half of respondents have installed the state-owned Chivo Wallet. The majority of downloads occurred during launch, so the $30 startup capital promised at the time is conceivably the biggest motivating factor. Most notably, the authors found no evidence that Chivo citizens “make significant cross-border transfers.” The simplification of cross-border payments was a central argument for the adaptation of Bitcoin. The acceptance requirement for the #1 retail cryptocurrency also appears to remain largely inconsequential, according to in regards to Salvadorans only pay 4.9% of their purchases in BTC. There is still a long way to go towards the Bitcoin standard, but at least the first steps have been taken.

Texas town plans mining center

There are a large number of mining companies in the power paradise of Texas. But along with Fort Worth, the first municipality in the United States is now also planning to start a lucrative BTC mining operation. The big city west of the Texas metropolis Dallas takes three Bitmain Antminer S9 in an air-conditioned part of the town hall. The modest start with just three devices identifies the initiative as a highly symbolic pilot project. According to estimates, one of anteater as much energy as a household vacuum cleaner. Devices donated Texas Bitcoin Council and Fort Worth cooperates with the mining pool Luxor Technologies. In a statement, Mayor Mattie Parker hailed the economic opportunities of cryptocurrencies.

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