THELOGICALINDIAN - President Cortizo has partially banned Bill No 697 citation the Financial Action Task Forces money bed-making guidelines
The bill will now go up for addition vote in Panama’s National Assembly.
President of Panama Strikes Down Crypto Bill
The President of Panama has alleged for amendments to the country’s crypto-focused Bill No. 697.
President Cortizo partially banned the bill afterwards it anesthetized through legislation over money bed-making concerns, bounded aperture La Prensa reported Thursday. Cortizo reportedly cited the Banking Action Task Force’s “fiscal accuracy and blockage of money laundering,” adage it was “imperative” that the bill followed the all-around banking watchdog’s guidelines.
Congressman Gabriel Silva alleged out Cortizo’s accommodation in a Thursday tweet, claiming that his block was “a absent befalling to accomplish jobs, allure advance and absorb technology and addition in the accessible sector.”
The bill will go up for addition vote in the National Assembly and will acceptable see some amendments to assertive sections.
If approved, Panama will become the additional Central American country to adapt crypto asset spending. The Latin American region is fast acceptable a hub for crypto activity, accelerated by El Salvador’s move to accept Bitcoin as a acknowledged breakable in September 2021. Since President Bukele appear the celebrated update, the Honduras burghal of Próspera has started using Bitcoin as a acknowledged tender, and Mexico is set to adapt legislation to accept it as an official currency. Bitcoin has additionally afford 60% of its value, acceptation El Salvador is millions of dollars underwater on the Bitcoin it purchased for its treasury.
Notably, Panama’s bill focuses on acceptance crypto payments with assets like Bitcoin and Ethereum. However, it doesn’t accommodate annihilation on adopting crypto as a acknowledged breakable alongside the balboa and dollar.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
