Panama’s President Considers Approving Crypto Bill Due to Money Laundering Concerns – Regulated Bitcoin News

Panamanian President Laurentino Cortizo has announced that he will not sign the cryptocurrency bill in its current form that was recently passed by the country’s National Assembly. Cortizo said one of his main concerns with the bill is its stance on money laundering and cryptocurrencies. Cortizo may approve some parts of the bill while vetoing others.

Panama’s President Considers Crypto Bill Veto

Panama’s President Laurentino Cortizo has announced his views on the recently approved cryptocurrency bill and how it may be too lenient when it comes to dealing with illicit activities such as money laundering in the industry. Cortizo speaking at the Bloomberg New Economic Portal Latin America Conference in Panama City statement:

If I answer you right now with the information I have, it’s not enough, I won’t sign the law.

Furthermore, Cortizo explained that he and his government would have to be “very careful” if the proposed crypto bill contained provisions involving money laundering, noting that these are very important for Panama.

Panama allows the president to have veto power over bills introduced by the National Assembly, and Cortizzo could use that attribution to overturn the bill in its current form. However, Cortizo announced that he and his lawyers are still reviewing the law to make a decision.

Crypto Laws in Panama

Panama started its crypto regulatory journey last year when country representative Gabriel Silva, introduced A crypto bill with proposals aimed at modernizing the country and putting it on par with other countries in the region.The bill faces some Variety During the discussion, key concepts regarding crypto, blockchain and virtual asset service providers were established.

Among other things, the approved version of the bill introduced blockchain as a tool to increase transparency in state spending, just like other projects that have been introduced in Latin America. This will include the gradual migration of public records to the blockchain.

Another important proposal of the bill is the digitization of the identification process, publishing issued IDs on a public blockchain. Cortizo may take some of the passed provisions into law and veto other parts of the bill. Finally, Cortizo said:

As far as I know, this is an innovative law and a very good law. However, we do have a solid financial system in Panama, and one of the things I’m waiting for is when you have global regulation of crypto assets.

What do you think of the Panamanian President’s take on the crypto bill passed? Let us know in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself being late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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