Panama's President Vetoes Cryptocurrency Law Passed by Parliament

Panama's President Laurentino CORTIZO, who remains careful and cautious about the wording of the bill for fear of facilitating money laundering, said the current piece of legislation requires amendments in line with the banking legislation of the country.

Congressman Gabriel SILVA said the National Assembly is currently reviewing the bill to amend sections that appear insufficient. Recall that the bill to regulate digital assets and turn them into a means of payment within the country was approved by the National Assembly of Panama two months ago after the third discussion.

According to Silva, the bill was aimed at development of the crypto industry in the country in order to attract more investment and create more jobs. The crypto technology bill will allow Panama to follow in the footsteps of El Salvador. However, unlike El Salvador, Panama's bill does not make cryptocurrency legal tender.

Image: Tesmanian