Panamanian crypto bill may get a second wind in the country’s highest court
Panama’s cryptocurrency bill that was introduced to the National Assembly in 2021 and passed by the institution last year offers an opportunity to re-admit its scrutiny even without the President’s endorsement. The fate of the document rests in the hands of the Supreme Court of panama, which will have to decide the arguments for and against regulatory approval.
President Laurentino Cortizo, who published a document approving the proposed bill on 18 January, took it to court instead of issuing objections on this forum. The body, which will have to decide the fate of the document after the National Assembly or else decide its approval, discussed it and again decided to endorse it in its present form. The Executive informed of these procedures on 26 January and stated that the views taken by the Executive to object to the bill presented to the National Assembly are that the financial system for the Farewell Initiative and Panama’s monetary The parameters governing the model certainly require an optimization. Specifically, Cortizo criticizes Articles 34 and 36 and he extends Bell throughout, while Bell has found himself at a presidential and congressional impasse after May and then the President said that that he cannot sign the bill in its present form due to concerns over money laundering and crime and funding and has committed not to assent thereto. Although at the same time he also praised that it was a good law for innovation. Finally, in June, the President applied a partial veto measure to the bill and criticized some aspects of it, and sent it back to the National Assembly, which had the power to address the President’s concerns and to change it. Sufficient opportunities existed or were adding up to warrant it. It was approved earlier.
The veto drew negative reactions among some representatives of the National Assembly who said it was a lost opportunity to attract investment from cryptocurrency companies and maintain greater financial inclusion. Brazil and the latter countries like El Salvador and Venezuela have already implemented their regulation on crypto currency and operations like bitcoin.
