The Panamanian President Lorentino barn partially rejected a crypto bill introduced by the country’s parliament. This after suspending it for weeks. He invokes the absence of anti-money laundering regulations at that time and his lack of sufficient information.
Some necessary adjustments in the crypto bill.
In April, theNational Assembly of Panama approved bill in the country after approving a third debate. The decree aims to regulate digital assets and turn them into a means of payment, however, it does not crypto legal tender currency. Only the president’s signature remains.
Nevertheless, President Cortizzo partially vetoed the bill. This due to the concern that it does not comply with specific legal requirements. According to him, certain laws must be adapted to the current framework that governs the country’s financial system.
Likewise, Panamanian congressman Gabriel Silva announced the news on his official Twitter account. However, according to Silva, legislators are already consideringmake the corresponding corrections in order to pass the new cryptocurrency law as soon as possible. An initiative that will create new jobs and attract new investments to the country.
See also: They present in Brazil a bill that officially accepts Bitcoin as a means of payment.
For now, Congressman Silva and his team will have to work on the corresponding amendments, since the president says that the bill is “freely sanctioned.” This means that the Panama will not close the door to the project. You expect it to comply with international anti-money laundering standards.
Latin America favorable to cryptocurrencies
Latin America has been one of the most favorable regions for digital assets. From 2019 to 2021, the use of cryptocurrencies in the region increased by 1,370%. Argentina, Brazil and Cuba have the right atmosphere for the cryptocurrency boom. last september, El Salvador became the first country to create fiduciary currency BTC.
Once the National Assembly has made the corrections to the Panama crypto Actcommunity cryptoespecially in Panama, expect a positive response from the President. This will pave the way for innovation in the country and will open more doors to citizens and businesses. Banks, citizens and other institutions in the country will be free to accept and use cryptocurrency payments when the options are offered without restrictions.
See more: Huobi Exchange will stop operating in Thailand from July.