Panama President Mulls Crypto Bill Approval Due to Money Laundering Concerns – Laurentino Cortizo, the president of Panama, has stated that he will not sign the cryptocurrency bill passed by the country’s National Assembly in its current form. One of Cortizo’s primary issues with the law is its stance on money laundering and cryptocurrency. Some parts of the measure may be approved while others are vetoed by Cortizo.
The president of Panama, Laurentino Cortizo, has expressed his views on the recently passed cryptocurrency laws, stating that it may be too permissive in dealing with illegal activities such as money laundering in the sector. Cortizo said during a speech at the Bloomberg New Economy Gateway Latin America conference in Panama City:
“I will not sign that law if I am going to answer you right now with the knowledge I have, which is not enough.”
Also Read: Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon
Furthermore, Cortizo stated that if the crypto bill offered contains terms dealing with money laundering activities, he and his administration would have to be “very cautious,” as these are very essential to Panama.
The president of Panama has veto power over measures introduced by the National Assembly, and Cortizo might use this ability to block the bill in its current form. Cortizo, on the other hand, stated that he and his lawyers are currently researching the legislation before making a judgment.
Last year, Gabriel Silva, a national congressman, proposed a crypto bill with a plan to modernize the country and bring it up to pace with other countries in the region. The bill introduces key concepts about blockchain, crypto, and virtual asset service providers, and has undergone some amendments during its discussion.
Furthermore, like other projects already established in Latam, the authorized version of the bill adds blockchain as a tool for enhancing the transparency of state spending. The gradual movement of public records to the blockchain is one example.
The measure also proposes that the identity process be digitized, with issued IDs getting published on a public blockchain. Cortizo may sign some of the articles into law while vetoing other portions of the bill.
Also Read: Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF
Finally, Cortizo stated:
“It is an innovative law, according to what I have heard. However, we have a sound financial system in Panama, and one of the things I’m looking forward to is when crypto-assets are regulated globally.”