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

The fate of the Panamanian crypto-bill project, approved by the Panamanian National Assembly last year, now depends on the decision of the country's top court. Approval of the project, vetoed by President Laurentino Cortizo, is now in the hands of the court after Congress rejected the veto.

The Panamanian law still has the chance to be approved

The Panamanian cryptocurrency bill, submitted to the National Assembly in 2021 and passed by the institution last year, has the possibility of being reconsidered and sanctioned even without presidential support. The fate of the document now lies in the hands of the Supreme Court of Panama, which must weigh the arguments for and against approving the legal framework.

President Laurentino Cortizo, who received the document approving the bill on January 18, instead handed it over to the court after raising strong objections to its form. The institution, which must decide on the future of the document after the National Assembly, discussed it and decided to support it again in its current form. The executive branch taught on January 26 about these proceedings. It said:

Among the considerations made by the Executive when opposing the bill submitted to the National Assembly, it is specified that the legislative initiative requires an “adjustment” to the norms that regulate the financial system and the Panamanian monetary model.

In particular, Cortizo criticizes Articles 34 and 36 and thus the entire draft law.

Path to the Supreme Court

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

Finally, in June, Cortizo exercised a partial veto measure on the bill, criticizing certain aspects and sending it back to the National Assembly, which had the opportunity to adapt it to the president's concerns or simply to press for his previously approved sanction.

The veto sparked negative reactions from some National Assembly representatives, who said it was a missed opportunity to attract investment from cryptocurrency companies and create greater financial inclusion. Countries in Latam like Brazil El Salvador and Venezuela have already regulated cryptocurrency and crypto mining operations.

What do you think of the Panamanian crypto bill? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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