Cryptocurrency News

Latin lawmakers turn a blind eye to Twitter in support of bitcoin

Panamanian Congressman Gabriel Silva is following in El Salvador’s footsteps by proposing legislation to increase the adoption of bitcoin and other cryptocurrencies at the national level.

The President of El Salvador, Nayib Bukele announced miami bitcoin conference On June 6, that he would present a bill to lawmakers seeking to make bitcoin legal tender.

In a June 8 tweet, Silva Stressed on The importance of not leaving Panama behind by Bukele’s progressive crypto plans, which includes Removal of capital gains tax on bitcoin in El Salvador. According to a rough translation, Silva insisted:

“This is important. And Panama cannot be left behind. If we want to be a true tech and entrepreneurship hub, we have to support cryptocurrencies.”

“We will prepare a resolution to be tabled in the assembly. If you are interested in making it, you can contact me,” he said.

Bukele’s announcement has inspired similar moves by other politicians in Latin America, however, some concrete policy proposals have been announced.

Congressman Carlitos Rezala of Paraguay on 7 June, tweeted “El Salvador to the Moon” and uploaded a photo of himself with laser eyes – a popular crypto meme used on Crypto Twitter to express bitcoin maximalism.

Earlier today, the crypto community turned its attention to Brazilian politician Fabio Osterman, who similarly Posted A photo of herself with laser eyes accompanied by the hashtag “#lasereyestill100k”.

Despite positive sentiment on social media about the apparent uptick from Latin American lawmakers, the price of bitcoin continues to fall.

The price of bitcoin is down almost 10% since Bukele’s June 6 announcement, from $36,000 at the time of writing to about $32,500.