President of Panama Partially Vetoes Crypto Law Passed by National Assembly – The president of Panama, Laurentino Cortizo, has vetoed the newly passed cryptocurrency bill, sending it back to the National Assembly to be reviewed. Cortizo’s veto was only partial, as he had reservations about the validity of certain, but not all, articles in the passed bill.
Gabriel Silva, one of the law’s proponents, made the announcement on social media. Silva slammed Cortizo’s decision, claiming that it was:
“A missed opportunity in the public sector to create jobs, attract investment, and incorporate technology and innovation. More opportunities, as well as financial inclusion, are vital to the country.”
Also Read: Kazakhstan Allows Registered Crypto Exchanges to Open Accounts at Local Banks
Silva also stated that he was researching the necessary adjustments to the measure and that it will now be sent to two National Assembly committees: the Government Commission as well as the Trade Commission. It will have to be discussed twice more after that. He did not say which articles of the law had been vetoed by Cortizo, however.
The so-called crypto legislation, which was created by combining two separate cryptocurrency law projects, established a blockchain-based ID system as well as the use of blockchain technologies to promote transparency in public spending.
Cortizo’s team’s veto of a part of the bill was not unexpected. Panama’s president had expressed reservations about the law’s reach and several of its definitions. When asked about the approval of the crypto bill in a May interview, Cortizo stated:
“I will not sign that bill if I am going to answer you right now with the facts I have, which is insufficient.”
Also Read: Bill Presented in Brazil Seeks to Include Crypto as Approved Means of Payment
President of Panama Partially Vetoes Crypto Law Passed by National Assembly – Cortizo indicated that unresolved money laundering issues would prevent the bill from being sanctioned, citing the country’s tense relationship with the Financial Action Task Force, which has placed it on a gray list alongside the Philippines, Yemen, and Turkey. He did, however, point out that the bill was an innovative and good law.
