Panama’s President vetoes crypto regulation bill
Will go back to debate
Panama’s President Laurentino Cortizo has vetoed a law that would regulate crypto, DAOs, and blockchain-related businesses.
According to local media, La Prensa, President Laurentino Cortizo made his decision on the grounds that it “requires adaptation to the norms that regulate our financial system.” The bill will now go back to the country’s legislative assembly to be debated again.
Congressman Gabriel Silva, who first introduced the bill in September 2021, responded to the veto on Twitter, stating it was “a lost opportunity to generate jobs, attract investment, and incorporate technology and innovation in the public sector.”
“The country deserves more opportunities and financial inclusion,” Silva added, sharing that Congress will study the veto and make necessary corrections before it is passed through to debates.
If passed, the law will recognize cryptocurrencies like Bitcoin and Ether as an alternative payment method for “any legal civil or commercial operation,” including the payment of taxes, fees, and duties to the government.
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