Panama’s president rejects parliament’s proposed crypto bill…Details here

Panama’s president rejects parliament’s proposed crypto bill…Details here

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Answer Panama’s president rejects parliament’s proposed crypto bill…Details here

Latin American countries are among the most candidate countries for the adoption and adoption of Bitcoin as a legal currency, due to several justifications and reasons, perhaps the most prominent of which are:

Economic instability, trying to get rid of the dominance of the dollar, the erosion of the value of local currencies…

But in an unexpected move, Panamanian President Laurentino Cortizo rejected the crypto bill proposed by the country’s parliament after stalling for weeks due to the absence of anti-money laundering rules and the lack of sufficient information on his part at the time.

Panama would like to enter the crypto arena:

Gabriel Silva, a congressman in the National Assembly of Panama, revealed in Tweet Recently, on the decision of the President of Panama to partially veto the crypto bill passed by the National Assembly two months ago.

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Partial rejection here means that it is not complete or finished, that is, it is possible to reconsider the law after the totality of the amendments.

According to Silva, the National Assembly is currently studying a bill to make corrections in sections that appear unsatisfactory to the president.

The discussion must now go to the government commission to find out what is unconstitutional and to the trade commission to find out what is unconstitutional.

Panama and regulation of the crypto market:

A bill to regulate digital currencies and make them a means of payment within the country was approved by the Panamanian National Assembly two months ago after passing a third debate.

All that remains is the signature of the president.

The aim of the bill was to develop the cryptocurrency industry in the country to attract more investment and generate more job opportunities, according to Silva.

The Creoto bill would follow in the footsteps of its Latin American neighbour, El Salvador.

But unlike El Salvador, Panama’s crypto bill does not make Bitcoin a legal tender.
Banks, citizens and other institutions within the country will be free to accept and make payments in cryptocurrency as the option is available without restrictions.

Some of the cryptocurrencies mentioned in the draft joint bill include:

Bitcoin, Ethereum, Ripple, Litecon, Stellar, Algo…

Read:Bitcoin mining surges 58% in North America…Details here

As we previously told, Latin America is one of the most favorable regions for digital assets.

According to some reports, there is a 1370% rise in the use of cryptocurrencies within the region from 2019 to 2021.

Argentina, Brazil, and Cuba have favorable conditions for the cryptocurrency boom.

While El Salvador became the first country to launch a legal tender for Bitcoin in September last year.

Once corrections are made to the cryptocurrency law in Panama by the National Assembly, the crypto community, especially in Panama, hopes to get a positive response from the president as this will pave the way for innovation in the country and open up more opportunities for citizens and businesses alike.

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