Panama’s president, Laurentino Cortizo, threw out the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. bill citing FATF guidelines.
- Panamanian president vetoes crypto bill
- Calls for inclusion of anti-money laundering measures
- He cited the FATF guidelines in this regard
Panama’s President Laurentino Cortizo yesterday partially vetoed bill No. 697, dubbed the “crypto bill”. On the reasons he said that it requires more work to better adapt to Panama’s financial regulations.
Cortizo had previously expressed opinions that foreshadowed that this was going to happen. In an interview on May 20, he had commented that would not sign the bill unless it included additional rules. anti-money laundering (AML). While he had said he thought it was an “innovative law” and implied his approval of certain aspects of the bill, he said it was necessary to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the potential illicit uses of cryptocurrencies.
It is worth remembering that the National Assembly of Panama passed the cryptocurrency bill by the end of April 2022 and all that was missing was the signature of the President for its implementation.
As shared by Cointelegraph, the Panamanian media La Prensa obtained a copy of the 32-page veto. It indicates there that the president wrote that it is “imperative” that cryptocurrency laws conform to the new regulations recommended by the Financial Action Task Force (FATF). that describe the “fiscal transparency and the prevention of money laundering”. ”
Independent Congressman Gabriel Silva, who had been working on the bill for months and presented it to Congress, tweeted yesterday expressing his displeasure over the president’s veto:
The President just partially vetoed the Crypto bill.
A missed opportunity to generate jobs, attract investment and incorporate technology and innovation in the public sector.
The country deserves more opportunities and financial inclusion (1/2)
– Gabriel Silva (@gabrielsilva8_7) June 16, 2022
“We are studying the veto to make corrections, but we must keep the law competitive.
The discussion must now go to the Government Committee (to see what is unconstitutional) and the Commerce Committee (what is inconvenient).
Then 2nd and 3rd debate. Only vetoed2 is discussed.
Si se llegara a aprobar el proyecto de ley, los panameños podría “freely agree to the use of cryptoassets, including but not limited to Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and Ethereum.” as an alternative payment for “any civil or commercial operation”.
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