Gabriel Silva, a Panamanian congressman, moving to follow in El Salvador’s footsteps by proposing legislation to adopt Bitcoin on a national scale

El Salvador President Nayib Bukele announced during the Bitcoin conference in Miami on June 6, that he will be submitting a bill to lawmakers requiring Bitcoin to be legal tender. And following in the footsteps of El Salvador, Gabriel Silva, a Panamanian congressman, proposed legislation that would apply Bitcoin and other cryptocurrencies on a national scale.

Gabriel Silva is following in El Salvador’s steps to moving legislation to adopt Bitcoin on a national scale

In a June 8 tweet, Silva emphasized the importance of Panama not being left behind by Bukele’s progressive crypto plans, including the removal of capital gains tax on Bitcoin in El Salvador.

According to a rough translation, Silva asserted:

“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.”

Bukele’s announcement prompted similar moves from other politicians across Latin America. However, some specific policy proposals have been published.

On June 7, Paraguayan congressman, Carlitos Rejala, tweeted “El Salvador to the Moon” and uploaded a picture of himself with laser eyes — a popular crypto meme used to express Bitcoin maximalism on crypto Twitter.

Earlier today, the crypto community turned their attention to Brazilian politician, Fábio Ostermann, who similarly posted a photo of himself with laser eyes along with the hashtag #lasereyestill100k.

Despite the positive sentiment on social media regarding the apparent bullishness of Latin American legislators, Bitcoin price continues to decline. Bitcoin price has dropped about 10% since Bukele’s June 6 announcement from $36,000 to around $32,500 at press time.

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