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PRESIDENT OF PANAMA HAS VETOED CRYPTO BILL, AS IT REQUIRE MORE CHANGES FOR ITS BETTER WORKING

PRESIDENT OF PANAMA HAS VETOED CRYPTO BILL, AS IT REQUIRE MORE CHANGES FOR ITS BETTER WORKING 

Panamanian President Laurentino Cortizo has slightly opposed Bill No. 697, called the "crypto bill," saying it requires more work to better comply with Panama's financial laws.


President Cortizo had earlier warned in May that he would not sign the bill unless it included additional anti-Revenue (AML) laws after the Panamanian National Council passed a crypto bill in late April 2022.


Local media outlet La Prenda received a 32-page veto, reporting that the president wrote that it was "important" that cryptocurrency rules comply with the new rules recommended by the Financial Action Task Force (FATF) defining "financial transparency and preventing money laundering. ”


President Cortizo had earlier described the law as a "new law," and pointed out the legitimacy of certain sections of the bill but said it was possible that illegal use of crypto currencies could be negotiated.


Congressman Gabriel Silva, who helped introduce the bill in September 2021, tweeted on Thursday that the veto "was a lost opportunity to create jobs, attract investment and invest technology and innovation in the public sector."



"The country deserves more opportunities and investment," added Silva, adding that Congress would veto the veto to make amendments to the negotiations.



If the bill is finally signed, it will make Panama the second Central American country to control the use of crypto currencies. Nearby El Salvador was known as the first country to make Bitcoin (BTC) an official tender.


Unlike El Salvador, however, the Panamanian bill incorporates other cryptocurrencies other than Bitcoin and will not require local businesses to adopt digital assets.


According to the bill, Panamanians "can freely accept the use of crypto assets, including without limitation Bitcoin and Ethereum" as another payment "for any citizenship or commercial activity."


The bill will also include the issuance of digital value and regulate the processing of tokens for items such as metals. Digital patenting using blockchain or distributed led technology will also be investigated by government innovation authorities.

Source: cointelegraphy



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