Skip to main content

Panama's Supreme Court to rule on cryptocurrency legislation

The high court will now decide whether to declare the 'crypto bill' unenforceable or to approve it with modifications.

Panama's crypto bill saga has reached a new chapter, with the country's Supreme Court deciding the future of the local crypto industry.

Panama's President Laurentino Cortizo sent on Jan. 26 the Bill No. 697, dubbed the "crypto bill," to the high court for review and approval, after objecting to the legislation, claiming it violated the constitution's core principles and was unenforceable.

The Supreme Court must now decide whether to declare the legislation unenforceable or to approve it with modifications.

According to an official statement, the government considers articles 34 and 36 of the bill unenforceable, since they violate the state's separation of powers and establish administrative structures within the government.

President Cortizo also argued that the bill had been approved through an inadequate procedure, following his partial veto of the legislation in June. At the time, the president considered the bill needed more work to comply with new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering.”

Related: The 5 most important regulatory developments for crypto in 2022

A dispute between Panama's congress and the government has centered on this bill. In April 2022, Panama lawmakers passed the legislative proposal aiming to regulate cryptocurrencies in the country, including Bitcoin. President Cortizo, however, warned a few weeks later that he wouldn’t sign itl unless it included additional Anti-Money Laundering (AML) rules.

The bill was introduced in September 2021 to the National Assembly of Panama, aiming to make the country “compatible with the digital economy, blockchain, crypto assets and the internet.” It was moved out of the Economic Affairs Committee on April 21 before being approved by the local congress.

Based on the legislation, Panamanians “may freely agree on the use of crypto assets, including without limitation Bitcoin and Ethereum” as an alternative payment for “any civil or commercial operation.”

Furthermore, the bill would regulate the tokenization of precious metals and the issuance of digital value. Digitization of identity using blockchain or distributed ledger technology would also be explored by the government’s innovation authority.



from https://ift.tt/9AOQjyN
https://ift.tt/1MclTSm
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

How to play and earn in CryptoKitties

CryptoKitties is a blockchain-based game where players can buy, sell and breed digital cats with unique attributes. Reminiscent of Tamagotchi and Pokémon, the wildly popular digital pets and creatures of the 1990s, CryptoKitties is a blockchain-based game where players can collect, trade and breed digital virtual cats. CryptoKitties was the first Ethereum-based game, and its popularity underscored many of the network’s scaling issues. This digital cat-breeding blockchain game caused quite a bit of congestion on the Ethereum blockchain, peaking in 2020. However, the game’s creators were able to address these issues. What is CryptoKitties? Launched in 2017, CryptoKitties was built by Dapper Labs, the company that uses blockchain technology to bring nonfungible tokens (NFTs) and new forms of digital engagement to fans around the world. CryptoKitties is also considered one of the world’s first-ever blockchain games. In the game, each one of the digital collectible cats possesses a
Post a Comment
Read more

Bitcoin dominance falls under 40%

While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway. Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in Jan 2018 according to data from Tradingview. Bitcoin ( BTC ) market dominance refers to the ratio between BTC’s market cap and the total crypto market cap. It's not the first time dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had dipped to represent just 40.3% of the combined crypto asset capitalization, according to Coinmarketcap, and it neared the same level again in September.  Bitcoin critic and Europac chairman Peter Schiff tweeted about the event on Dec 29th, saying that it’s indicative that BTC is “losing its first-mover competitive advantage.” With over 16,000 alternative cryptos to choose from Bitcoin
Post a Comment
Read more

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl
Post a Comment
Read more