Panamanian crypto bill could get a second wind in the country’s highest court

The fate of Panama’s cryptocurrency bill, which was approved by the Panamanian National Assembly last year, now depends on the decision of the country’s supreme court. The sanction of the project, which was vetoed by President Laurentino Cortizo, is now in the hands of justice after Congress rejected the veto measure.

Panamanian law still has a chance to be approved

Panama’s cryptocurrency bill, which was presented to the National Assembly in 2021 and approved by the institution last year, has the opportunity to be re-examined and sanctioned even without presidential support. The fate of the document is now in the hands of the Supreme Court of Justice of Panama, which must weigh the arguments for and against the sanction of the regulatory framework.

President Laurentino Cortizo, who received the document on January 18 to sanction the proposed bill, handed it over to the court after issuing strong objections to its form. The institution, which will have to decide the future of the document after the National Assembly, discussed it and decided to endorse it again in its current form. The Executive informed on January 26 about these procedures. He declared:

Among the considerations that the Executive makes when objecting to the bill presented to the National Assembly, it is specified that the legislative initiative requires ‘adaptation’ to the norms that regulate the financial system and the Panamanian monetary model.

Specifically, Cortizo criticizes articles 34 and 36, and by extension the entire bill.

Road to the Supreme Court

The bill has found President Laurentino Cortizo and Congress in an impasse since May, when Cortizo declared he would not sign the bill in its current form due to concerns about money laundering and crime financing. However, at the time Conrtizo also praised it, saying it was an “innovation and a good law.”

Finally, in June, Cortizo exercised a partial veto of the bill, criticizing certain aspects of it and returning it to the National Assembly, which had the opportunity to modify it to adapt it to the president’s concerns or simply promote its approval as such. he approved it earlier.

The veto provoked negative reactions among some of the deputies to the National Assembly, who pointed out that it was a missed opportunity to attract investment from cryptocurrency companies and create more financial inclusion. Latam countries such as Brazil, El Salvador and Venezuela have already regulated crypto mining and cryptocurrency operations.

What do you think of Panama’s cryptocurrency bill? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as someone who was late to the game, entering the cryptosphere when the price spike occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the rise of cryptocurrencies on a societal level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.

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