Panama President to Veto Crypto Bill Citing Inefficiencies Against Money Laundering

Updated:

President of Panama Laurentino Cortizo has asserted that the recently approved cryptocurrency bill might be ineffective in curbing illegal crypto activities like money laundering. The President of the Central American nation made the comments at the Bloomberg New Economy Gateway Latin America conference in Panama City, where he noted:

“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.”

President Cortizo asserted that his government must be cautious in handling the bill if it contains clauses talking about money laundering activities, noting that it was a delicate matter in Panama.

The Panamanian constitution gives the president veto power over bills presented to the nation’s National Assembly, which is what Cortizo is acting on. However, the President noted that the bill was still under review by himself and his lawyers.

Panama Crypto Bill Aim to Introduce Blockchain Technology in Public Affairs

Cryptocurrency regulation in Panama became a thing in 2021 after Gabriel Silva of the National Assembly of Panama introduced a bill that aimed at modernizing Panama to give it a competitive edge against other nations. The bill proposed some changes to how the country handled crypto, blockchain, and virtual asset service providers.

The bill proposed the introduction of blockchain technology to enforce transparency in state spending and includes the migration of public records into the blockchain. The bill also proposed several other applications of blockchain in government and public affairs.

That said, Cortizo could veto a large part of the bill. He noted:

“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.”

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.