Panama which happens to be a part of Latin America, can surely become the second country in the world to accept cryptocurrency such as bitcoin, Ethereum as the official mode of payment in the nation. The crypto bill proposed would enable the citizens to purchase goods and services using the cryptocurrencies. If at all the bill gets approved, Panama would be the second country after El Salvador to spend in cryptocurrencies.
The bill of Panama is different to what the bill regulates in EL Salvador. On the signing and approval of the bill, the cryptocurrencies will not be the legal tender of the nation but the various diverse industries and businesses would have a choice to whether accept digital currencies or not.
Panama’s crypto law in halt.
The crypto bill or the crypto law for cryptocurrencies in Panama was halted today after the president Laurentino Cortizo partially vetoed the bill. The bill is now entitled to go back to the country’s National Assembly for further discussions.
The major reasons for the president to stop the signing of the bill was that he wanted the bill to guarantee that the law would comply with global anti-laundering standards. He quoted, “I have to be very careful if the law has clauses related to money laundering activities.”
The introduction of the bill will open a new trading section for the citizens.
The bill primarily intends to let the Panamanians to buy the necessities of life with cryptocurrencies such as bitcoin, Ethereum, dogecoin, Litecoin, XRP. These digital assets could become a valid payment option for the purchase of any legal entity or commercial operation. The digital assets could also be used for the payment of taxes, fees and government duties.
It also establishes the foundation for the country to issue tokenized securities and commodities, like as gold and silver, via security token offerings (STOs), and explicitly recognizes DAOs (decentralized autonomous organizations) as legal entities.
Congressmen Gabriel Silva’s thoughts.
The person who introduced the bill to the country was Gabriel Silva, in September 2021. On the news of the president’s veto, Gabriel tweeted that, the veto actually would cause a lost opportunity to generate jobs, attract investment and incorporate new advanced technology and innovation in the public sector.
El Presidente acaba de vetar parcialmente el proyecto de Ley de Crypto
Una oportunidad perdida para generar empleos, atrae inversión e incorporar tecnología e innovación en el sector público
El país merece más oportunidades y también inclusión financiera (1/2)
In addition, he also said that, the country surely deserves more opportunities and financial inclusion and claimed that the government will have to examine the veto critically to make the corrections, which then shall be passed through the debates to the president.