The President of Panama has vetoed a bill that is designed to regulate the circulation of crypto assets in the country, and demanded that it be adapted to the rules governing the banking system of Panama.
Laurentino Cortizo imposed vetoed Bill 697, which regulates the commercialization and use of cryptoassets in Panama. He stated that although the proposal is “innovative”, it does not fit with the country’s existing financial and monetary system.
Cortiso sent the bill to the National Assembly for revision, because he believes that the legislative initiative is not “adapted” to the rules governing the financial system and monetary model of a country “in which economic stability and financial discipline are guaranteed.”
In particular, he does not agree with the provisions of the bill, which provide for the possibility of including on the agenda the digitization of individuals wishing to use these services using the blockchain.
Cortiso also objects to the use of crypto assets as a means of paying taxes, fees and other obligations, since this provides that government bodies will be required to accept tax payments in cryptocurrency.
In May, the President of Panama said he would not sign a bill to regulate cryptocurrencies in the country until it spells out tougher anti-money laundering measures.
Source: Bits
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