It has nothing to do with being legal tender; it just makes Panama a great place to be living while your earn a bitcoin income... Taxes would be negligible. There are more than a few countries like this already, like Portugal.

Coinosphere

bitcoin

Panama has passed legislation exempting bitcoin from capital gains taxes

bitcoinpleb_b

Is this amost as good as legal tender?  Who cares about what I need to pay taxes in once a year.  If there is no cap gains tax, every purchase at every store everyone makes multiple times a day will be can be feasibly done in bitcoin, because it won't be a taxable event. 