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BSLONLINE2020: Analyzed Panama’s potential as a hub for logistics and financial services

References from Panama talked about fintech, startups, cryptomonies and laws

Within the framework of Blockchain Summit Latam Online 2020, a panel called „Panama as a Hub for Logistics and Financial Services“ was held. The participants were Eli Faskha, VP Executive Committee of Panama Hub Digital; Alejandro Carbonell, Director of Innovation of the City of Knowledge; and Walter Alvarez, CEO of Blockfactory. The moderation was in charge of Jorge Farias, Founder and CEO of Cryptobuyer.

Eli Faskha highlighted that Panama has historically had a role of transference, communication, and convergence. „It is the hub of Latin America for many things“, he remarked.

On the other hand, he recalled: „Panama has already gone through an impressive event and recovered, and the example is the Panama we have today. I am referring to the invasion we had in 1989. The fact that Panama recovered as it did indicates that it is a resilient country and that there are many opportunities“.

On the other hand, Walter Álvarez said: „I think there are opportunities to position ourselves differently“. And he highlighted: „Everything that has to do with traceability, risks, safety, products, are very important“.

„Today there are good possibilities although there is a lack of stronger decisions from the political arena“, he added. He said that today not only are tax benefits important, but that technological issues are also important.

Alejandro Carbonell said that there had been a significant advance in the digitalisation of traditional companies and that technological ventures had emerged.

Concrete actions

Eli Faskha also said: „We want more companies to develop the capacity to be leaders in the region. We focus on logistics and finance.

For his part, Álvarez recalled that Blockfactory belongs to Crypto Code. „Based on these nodes and technological experiences we started to work with some projects, such as traceability“. And he said that they are also working together with the Universidad Tecnológica.

Proposal for a law on the regulation and use of crypto-currencies?

The panelists were consulted about a bill for the regulation of crypto-currencies, and they gave their opinion.

Eli Faskha made it clear that he is not an expert on the subject, but thought the conversation was a good thing. „Through discussions and amendments, the law can be adjusted. At least we are talking about how to regularize transactions in the normal economy,“ he said.

„My opinion is that it is good to dialogue, but the important thing is that the different actors sit down together to see the appropriate measure to benefit everyone,“ he added.

Álvarez, on the other hand, said: „There is a feeling that things will be done differently from what was being talked about or that they copy the bad things from other places“.

And he added: „I think we need to deregulate. Not to regulate so much. The aim of cryptomonies is to have more freedom“.

In addition, he reflected: „For investors to come, a law should have attractions with incentives. As it stands now, the law will only keep people from engaging in P2P transactions outside the system“.

Alejandro Carbonell commented: „I think it is positive that there are conversations about this issue. But the law is confusing. I feel that they are trying to regulate something that by its nature is meant to be global and decentralised“.

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