President Cortizo has partially vetoed Bill No. 697 citing the Financial Action Task Force’s money laundering guidelines.
The bill will now go up for another vote in Panama’s National Assembly.
President of Panama Strikes Down Crypto Bill
The President of Panama has called for amendments to the country’s crypto-focused Bill No. 697.
President Cortizo partially vetoed the bill after it passed through legislation over money laundering concerns, local outlet La Prensa reported Thursday. Cortizo reportedly cited the Financial Action Task Force’s “fiscal transparency and prevention of money laundering,” saying it was “imperative” that the bill followed the global financial watchdog’s guidelines.
Congressman Gabriel Silva called out Cortizo’s decision in a Thursday tweet, claiming that his block was “a lost opportunity to generate jobs, attract investment and incorporate technology and innovation in the public sector.”
El Presidente acaba de vetar parcialmente el proyecto de Ley de Crypto
Una oportunidad perdida para generar empleos, atrae inversión e incorporar tecnología e innovación en el sector público
El país merece más oportunidades y también inclusión financiera (1/2)
— Gabriel Silva (@gabrielsilva8_7) June 16, 2022
The bill will go up for another vote in the National Assembly and will likely see some amendments to certain sections.
If approved, Panama will become the second Central American country to regulate crypto asset spending. The Latin American region is fast becoming a hub for crypto activity, accelerated by El Salvador’s move to adopt Bitcoin as a legal tender in September 2021. Since President Bukele announced the historic update, the Honduras city of Próspera has started using Bitcoin as a legal tender, and Mexico is set to prepare legislation to adopt it as an official currency. Bitcoin has also shed 60% of its value, meaning El Salvador is millions of dollars underwater on the Bitcoin it purchased for its treasury.
Notably, Panama’s bill focuses on allowing crypto payments with assets like Bitcoin and Ethereum. However, it doesn’t include anything on adopting crypto as a legal tender alongside the balboa and dollar.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Panama Introduces Bill to Recognize Crypto for Payments
A member of Panama’s independent opposition party Bancada Independiente has introduced a pro-crypto bill to the Panamanian Congress seeking to regulate cryptocurrencies as a method of payment and make the…
More Regions Are Following El Salvador’s Bitcoin Play
The Honduras city of Próspera will also introduce Bitcoin as legal tender, while Madeira has announced that it will not charge taxes on Bitcoin. Mexico Weighs Bitcoin Adoption Mexico is…
El Salvador Buys 500 Bitcoin Amid Market Slump
The first country to have adopted Bitcoin as legal tender has taken advantage of the sharp decrease in the asset’s price today. Dedicated Dollar-Cost Averaging El Salvador has bought the…
