Tuesday, September 26, 2023

Panama President Vetoed Law That Can Regulate Bitcoin

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Panama president Laurentino Cortizo vetoed the law that can regulate Bitcoin and now the bill will go back to the country’s National Assembly for debate so let’s read more today in our latest Bitcoin news.

The Panama Crypto Law came to a grinding halt after the Panama president vetoed the bill. Cortizo made the move on the grounds that it requires adaption to the norms that regulate the financial system in the nation and the bill will now go back to the country’s National Assembly for debate. The Central American tax haven looked like it was going to be the next nation to encourage its citizens to use BTC when the legislature approved the bill which regulates the use of crypto.

President Cortizo said he wanted guarantees that the law will comply with global AML standards and hinted that they will not sign it immediately:

“I have to be very careful if the law has clauses related to money laundering activities.”

The bill wants to allow Panamians to buy everyday goods with crypto and digital assets like BTC, LTC, Stellar, ETH, and XRP will be a valid form of payment for legal and civil operations including the payments of fees, taxes, and other governemnt duties. It also formally recognizes DAOs as legal entities and sets the framework for the country to issue tokenized securities and commodities like silver and gold via STOS.

Congressman Gabriel Silba who helped draft the bill wrote that the move by the president was a lost opportunity to generate jobs and attract investments as well as incorporate technology and innovation in the sector:

“The country deserves more opportunities and also financial inclusion.”

Bermuda Targets, regulation, crypto, digital asset

If the bill does get signed, Panama will be the second country where citizens can spend their crypto. El Salvador became the first country in the world to make BTC a legal tender and Businesses in the country have to accept BTC if they have the technological means to do so. Panama’s Bill differs from El Salvador’s law as crypto would not become a legal tender rather businesses will have a choice whether or not to accept digital assets for payments.

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