Panamanian Crypto Bill Project Awaits Supreme Court Decision
• The fate of the Panamanian crypto bill project, which was approved by the National Assembly last year, now depends on the decision of the supreme court of the country.
• President Laurentino Cortizo vetoed the bill and Congress rejected the veto measure, leaving the bill in the hands of the court to decide.
• If the Supreme Court decides to approve the bill, it will have the chance to become a regulatory framework for cryptocurrencies in Panama.
The Panamanian crypto bill, which was approved by the Panamanian National Assembly last year, is now in the hands of the Supreme Court of the country. The bill, which was introduced in 2021 to the National Assembly, has the potential to become a regulatory framework for cryptocurrencies in Panama. But in order for this to happen, the court must decide to approve the bill.
The bill has been a source of contention between President Laurentino Cortizo and the National Assembly since May. President Cortizo expressed his objections to the bill in its current form, citing issues with articles 34 and 36 of the document. The President vetoed the bill and Congress rejected the veto measure, thus leaving the decision of the future of the document in the hands of the Supreme Court.
The Supreme Court is now tasked with weighing the arguments both for and against the sanction of the bill. Should the court choose to approve the bill, it will have the chance to become a regulatory framework for the cryptocurrency industry in Panama. This would bring the country in line with other jurisdictions that have already developed laws and regulations governing the use and trading of cryptocurrencies.
The decision of the Supreme Court is eagerly awaited by the cryptocurrency industry, as it could be a major step forward in legitimizing digital assets in the country. Whatever the outcome, it is clear that the future of the Panamanian crypto bill project now rests in the hands of the court.