Panama’s President Vetoes Bill on Cryptocurrencies

Panamanian President Laurentino Cartiso has partially vetoed a bill regulating the circulation of digital assets. This is reported by Cointelegraph.

According to the Panamanian president, the bill on cryptocurrencies must comply with the FATF (Financial Action Task Force on Money Laundering) standards, which provide for counteraction to money laundering. Cartiso plans to finalize the regulation to comply with the country’s financial rules.

However, not everyone agreed with the decision, as Congressman Gabriel Silva, who participated in the drafting of the bill, explained that its repeal would have a negative impact on the country’s economy.

«The president vetoed the cryptocurrency bill. This is a missed opportunity to create jobs, attract investment, and introduce technology and innovation into the public sector. Our country deserves more opportunities, as well as a financial future,» Silva said on Twitter.

El Presidente acaba de vetar parcialmente el proyecto de Ley de Crypto

Una oportunidad perdida para generar empleos, atrae inversión e incorporar tecnología e innovación en el sector público

El país merece más oportunidades y también inclusión financiera (½)

— Gabriel Silva (@gabrielsilva8₇) June 16, 2022

The draft law should regulate the trade and use of crypto assets, tokenization of precious metals and other assets, and establish mechanisms for adjusting the operation of payment systems. According to the draft law, cryptocurrencies will not become legal tender, as it is implemented in El Salvador, but they can be used for payment. If the bill is eventually signed into law, Panama will become the second Central American country after El Salvador to recognize bitcoin as a legal tender.