Panama’s president does not back a cryptocurrency bill
Panama’s President Laurentino Cartiso said he would refuse to sign the bill passed by Parliament regulating the use of cryptocurrencies in its current form.
Speaking at the conference Bloomberg New Economy Gateway Latin America, the politician said:
“If I answer right now, with the information I have, and it is not enough — I will not sign this law.”
The provisions of the document should ensure adequate measures to combat money laundering, the head of state said. Cartiso added that his team of lawyers would study the law and provide recommendations on what to do with it. The president can sign it or veto it in full or in part.
“I must be very careful if the law contains provisions related to money laundering. For us it is extremely important to counter this activity,” Cartiso stressed.
Panama is on the so-called “gray list” FATF. The list includes jurisdictions that are under special scrutiny by the global regulator, as they have undertaken obligations to address strategic deficiencies in their AML/FT regime. The authorities of the country missed all deadlines agreed with the Group in 2019, according to the March report.
The National Assembly of Panama approved the cryptocurrency bill in March. Its provisions also envisage the use of blockchain technology to digitize the state. Supporters say that the proposed provisions could turn the country into a Latin American digital hub and attract investment from financial technology companies.
“From what I have heard — it’s a good, innovative law. However, in Panama we have a solid financial system, and one of the things I expect is when global regulation of crypto assets will appear,” Cartiso said.
Earlier, Congressman Gabriel Silva finished work on the bill in September 2021 — almost simultaneously with the legalization of Bitcoin in El Salvador.
So far, the example of this Latin American country has followed only the Central African Republic — one of the poorest states in Africa.
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