A new e-commerce bill has been signed into law by Panama's President Mireya Moscoso. Believed to be the first of its kind to be implemented in Central America, the new law is expected to provide Panama's e-commerce industry with a much needed boost.
According to Alvaro Aguilar-Alfu from Panama legal firm, FABMM, the law is based on the guidelines of the UNCITRAL Model Law on E-Commerce and awards electronic documents and signatures the same validity as written documents. It is expected to receive a warm welcome from the Panamanian business community and customers alike because the law's provisions will do away with the one key obstacle to e-commerce transactions in the country, i.e. the requirement for written acceptance by users of terms and conditions under traditional Civil Law.
Under the law, the newly formed Directorate of Electronic Commerce of the Ministry of Commerce has been granted the authority to maintain an optional register of certification authorities. The government hopes that the legislation will attract web hosting, call-centre and data centre companies to the country as they can also take advantage of Panama's fully dollarized economy, lack of exchange restrictions and preferential taxation regime for information technology companies.
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