Panama President Mulls Crypto Bill Approval Due to Money Laundering Concerns

Panama President Mulls Crypto Bill Approval Due to Money Laundering Concerns

The president of Panama, Laurentino Cortizo, has declared he will not sign the recently approved cryptocurrency bill passed by the National Assembly of the country in its current form. Cortizo stated that one of his main concerns about the bill is the stance it takes regarding money laundering activities and crypto.Cortizo may approve some parts of the bill while vetoing others. Panama’s President Considers Crypto Bill Veto

Laurentino Cortizo, the president of Panama, has announced his opinion regarding the recently approved cryptocurrency bill, and how it might be too lax when it comes to dealing with unlawful activities like money laundering in the sector. While speaking at the Bloomberg New Economy Gateway Latin America conference in Panama City, Cortizo stated:

If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law.

Furthermore, Cortizo explained that he and his government would have to be “very careful” if the crypto bill presented has clauses dealing with money laundering activities, remarking that these are very important to Panama.

Panama allows the president to have veto power over the bills presented by the National Assembly, and Cortizo could use this attribution to repel the bill in its current form. However, Cortizo declared he and his lawyers are still reviewing the law to make a decision. Panama’s Crypto Law

Panama started its cryptocurrency regulation journey last year, when Gabriel Silva, a national representative, introduced a crypto bill with a proposal that aimed to modernize the country and bring it up to par with other countries in the area. The bill, which faced some changes during its discussion, establishes pivotal concepts about crypto, blockchain, and virtual asset service providers.

In addition to this, the approved version of the bill introduces blockchain as a tool to improve the transparency of state spending, like other projects introduced already in Latam. This would include the progressive migration of public records to the blockchain.

Another important proposal of the bill is the digitalization of the identification process, with issued IDs being published on a public blockchain. Cortizo might take some of the articles passed and make them law, and veto other parts of the bill. To conclude, Cortizo stated:

It is an innovative law from what I have heard, it’s a good law. However, we do have a solid financial system here in Panama and one of the things I’m waiting on is when you have a global regulation of crypto-assets. Tags in this story bill, Blockchain, Cryptocurrency, Gabriel Silva, laurentino cortizo, Panama, veto

What do you think about the opinion of the president of Panama regarding the passed crypto bill? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Trade Minister Expects Russia to Legalize Cryptocurrency REGULATION | 10 hours ago Bank of England"s Cunliffe Warns Crypto Will See Tough Times as Federal Reserve Tightens Financial Conditions REGULATION | 21 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDigital Collectible Owners Continue to Take Loans out Using NFTs as Collateral Next articleFreedom Protocol Has Become the Project With the Largest Amount of IDO in the Ecology of Binance Smart Chain Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin