SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

The president of Panama has a partial veto over crypto regulations

The president of Panama has a partial veto over crypto regulations

Panama’s President Laurentino Cortizo rejected part of a bill that would have let people pay for things, services, and taxes with cryptocurrencies. This sent the bill back to the National Assembly.

The newspaper La Prensa said on Thursday that the president had vetoed Bill No. 697, which had finished the last step of the parliamentary process.

A partial veto is a type of veto power that lets the chief executive reject parts of a law but not the whole thing. The law will now go back to the assembly for a second vote, where it is likely that some parts will be changed.

President Cortizo has been careful about the language of the bill because he is worried that it will make it easier to launder money. He said that the current piece of legislation needs to be changed to meet the nation’s banking standards.

Latin America is quickly becoming a major user of cryptocurrencies and digital assets. This is because El Salvador made a historic move last year when it passed a law making bitcoin legal money. In April, cryptocurrency was made legal as money in a special economic zone in Honduras.

Many people thought that the country’s parliament’s attempts to finish the measure were a step in the right direction. Panama wants to be known even more as a leader in digital innovation on the mostly Spanish-speaking continent.

Congressman Gabriel Silva, who helped write the bill, tweeted on Thursday that the partial veto was a “missed opportunity” to create jobs, bring in investments, and use technology in the public sector.

The crypto measure is similar to a number of other laws that were passed by Silva but then turned down by President Cortizo, like the Conflict of Interest Law and the Mental Health Law.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *