Panama's Supreme Court set to rule on the "Crypto Law"

Hey Peeps!

Panama's "Crypto Law", which was originally introduced back in September 2021 by Gabriel Silva, has had quite the journey.

On April 28th of 2022, the National Assembly of Panama passed a Bill that will officially regulate “the trading and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other provisions".

However, just two months later, on June 17th, the President of Panama, Laurentino Cortizo, partially vetoed the "Crypto Law" on the grounds that the bill was opposed to the country's financial and monetary system, and flat out said that he would not sign the bill unless there were anti-money laundering clauses included.

Then, on January 26th, President Cortizo submitted an executive objection regarding the "Crypto Law".

The President argues that Articles 34 and 36 of the "Crypto Law" are unenforceable as they violate the state’s separation of powers by establishing administrative structures within the Government.

As a result, the Supreme Court is now tasked with this potentially historic decision.

“Weak regulation would open a window of opportunity for greater fraud, cyberattacks and criminal activities that would imply a loss of confidence in the country and its International Banking Center. We await the veto of the law and that a comprehensive analysis of the risks that this regulation implies be carried out. For the good of the country.” - Ernesto Bazán, Author and Economist

If this bill is determined acceptable by the Supreme Court and then signed into law, it will allow for Panamanian citizens and businesses to accept and pay with cryptocurrencies.

This piece of legislation could potentially turn Panama into a crypto hub of the world, along with El Salvador.

I, for one, am extremely interested in what the decision will be on this Panama "Crypto Law", as this would be another huge step for crypto adoption.

What are your thoughts on this news?

Do you think Panama's Supreme Court will approve or deny the bill?

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