Panama’s legislature reportedly passed a bill to accept virtual assets as legal tender. The Central American country’s latest actions follow the paths of other close nations like El Salvador and Honduras.
The National Assembly has reportedly passed a bill that intends to regulate the use of virtual assets through its initial stages. Additionally, the country says it wants to give virtual assets legal stability, according to Gabriel Silva, a member of the country’s legislature and a strong supporter of the bill.
Panama also seeks to advance the cryptocurrency industry to include more investment and employment opportunities. To achieve these goals, Panama says it will accept BTC and other virtual for settlements across the country’s territory.
Speaking about the adoption of crypto as legal tender in the Central American nation, Silva says the country will not force its citizens to use the virtual currencies. Businesses or individuals within the country may accept or refuse virtual assets.
The country’s governing bank will reportedly function as a regulatory organization for the industry. Meanwhile, Panama is reportedly expecting additional legislations that would stipulate the regulations on the usage of virtual assets as means of settling transactions.
Third-Biggest BTC Whale Purchases $71.7+m worth of BTC in 7 Days
The third-biggest BTC Whale has continued on a massive purchasing spree as it acquires more BTC into its e-wallet. The whale, also reputed to be the leading non-exchange entity in the industry, bought 1800 Bitcoin units (equivalent to $71 m) last week. The whale’s wallet currently stands at approximately $5 billion.
The unnamed whale’s e-wallet has been buying massively throughout April, beginning with a 3,241 Bitcoin buy, which cost about $145 million in the first week. Compared to late last year, the whales have seen very high activity throughout 2022.
With the latest buying spree, the whale closes in against the digital wallets of Bitfinex and Binance cryptocurrency exchanges. Binance and Bitfinex lead the global cryptocurrency exchange sector by market capitalization.
Yuga Labs Stops Auction for NFTs over Gas Wars; Pegs Tokens’ Price
Yuga Labs has reportedly canceled auction for their Otherdeed non-fungible tokens. The company says it will henceforth sell the tokens for 305 ApeCoins (APE).
Yuga Labs, owners of the Bored Ape Yacht Club, earlier planned to auction land in the Otherside metaverse. However, the company withdrew from its earlier plan due to rising customer demands and the gas wars ongoing in the West.
Earlier, Yuga Labs intended to execute a Dutch-styled sale, in which it would receive different price bids on the product before it announces the highest bidder’s price as the token’s cost.
The Otherside announced the news on Twitter, saying that the large amount of tokens left to mint can raise gas prices. Being one of the biggest non-fungible tokens and with a high demand, the Otherside says minting the Otherdeed NFTs could affect gas prices.
Yuga Labs also says wallet owners would only be able to hold two BTC at the beginning of the sale. It says that doing that would help evenly distribute the assets and meet up with the situation with gas prices.