Deputy of the ruling party presents bill to regulate the use of cryptocurrencies as a means of payment
19 agosto 2021


On August 19, Deputy Cenobia Vargas (PRD – ruling party) presented a bill to regulate the use of cryptocurrencies as a means of payment. The bill was sent to the Trade and Economic Affairs Committee, where it is expected to start its debate in the short term.

Among its contents, the bill includes:

  • The optional acceptance of authorised cryptocurrencies and tokens as a means of payment for civil and commercial transactions and operations.
  • It defines these currencies as an electronic representation of value that may be used as a medium of exchange, unit of account or store of value.
  • Defines that the value of cryptocurrencies authorised on Blockchain technology platforms will be equivalent to the country’s legal tender, which is the balboa and the dollar.
  • Tax payments may be made in cryptocurrencies but must be immediately exchanged into stablecoin to avoid being subject to the volatility of that market. This will be the responsibility of each receiving entity.
  • Purchases with cryptocurrencies and authorised tokens will be taxed according to the current legislation corresponding to the Law on Transfer Tax on Material Goods and Services (ITBMS in Spanish) at 7%.
  • All matters concerning the activity of cryptocurrencies, authorised tokens and all activities with blockchain regarding money laundering issues will be governed by the money laundering legislation in force at the time of enactment of this text.
  • Banking institutions that wish to offer their customers any product or service related to cryptocurrencies are authorised, on an optional basis, to carry out this activity