Panama’s President Partially Vetoes Crypto Regulations

The President of Panama has partially vetoed the country’s crypto bill which now heads back to the National Assembly for a vote

article-image

Source: Shutterstock

share

key takeaways

  • President Cortizo said the bill requires amendment in accordance with the country’s banking regulations
  • Panama is attempting to solidify its image as a technology innovation hub within the majority Spanish speaking continent

Panama’s president, Laurentino Cortizo, has partially vetoed a bill enabling citizens to use crypto as a form of payment for goods and services as well as taxes, sending the regulations back to the country’s National Assembly.

Bill No. 697 had passed through the last leg of its legislative journey, before making its way to the president’s desk where it was knocked back, local news outlet La Prensa reported Thursday.

A partial veto is a type of veto power enabling a chief executive to reject certain provisions within a bill without vetoing its entirety. The bill will now head for another vote in the assembly, where it is expected to undergo changes to some passages.

President Cortizo, who has remained cautious about the wording of the bill for fear of facilitating money laundering, said the current piece of legislation required amendments in accordance with the country’s banking regulations.

Latin America is fast becoming a major adopter of cryptocurrencies and digital assets, following El Salvador’s historic decision last year to make bitcoin legal tender through legislative means. A special economic zone in Honduras also formally legalized crypto as a form of money in April.

Panama is attempting to solidify its image as a technology innovation hub within the majority Spanish-speaking continent, and the attempt to finalize the bill by the country’s assembly was seen by many as a path toward it.

Congressman Gabriel Silva, who co-authored the bill, said in a tweet Thursday the partial veto was a “lost opportunity” to create jobs, attract investment and incorporate technology into the public sector.

The crypto bill joins a list of other pieces of legislation overseen by Silva that have been knocked back by President Cortizo including a conflict of interest law and a mental health law, among others.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (1).jpg

Research

Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains.  Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.

article-image

Ether is a commodity just up until the point it is not, or, ether is not a commodity just up until the point it is — whichever you prefer

article-image

The bull-market conference was filled with good feelings but little clarity on where the crypto industry is headed next

article-image

The Friday ruling was issued as a default judgment because Sameer Ramani “appears to have fled the country”

article-image

Bitcoin’s previous record high against the Euro was set in September 2021

article-image

As bitcoin ETFs grow larger and more liquid, due diligence teams at wirehouses and other investment firms are more likely to clear them, Bitwise researcher says

article-image

Sponsored

The TRON DAO team attended ETH Denver, one of the leading events in the blockchain space