cryptonews.net
Panamanian President Laurentino Cortizo on January 26 sent the crypto legislation passed last year to the Supreme Court on January 26, stating that the so-called "cryptocurrency bill" violated basic principles of the constitution and was unenforceable. Now the Supreme Court must decide whether to declare bill No. 697 unenforceable or approve it with changes.
According to an official statement, the office of the president considers sections 34 and 36 of the bill unenforceable because they violate the separation of powers and create administrative structures within the government. The President also argued that the bill was approved using an inadequate process following his partial veto of the law in June. At the time, the president argued that the bill needed further work to comply with new rules recommended by the Financial Action Task Force to improve financial transparency and prevent money laundering.
The dispute between the National Assembly of Panama and the government centered around the bill. In April, Panama lawmakers passed a bill aimed at regulating cryptocurrencies in the country, including bitcoin. However, a few weeks later, President Cortizo warned that he would not sign it unless additional anti-money laundering (AML) rules were included.
Image: polane consult