by • The fate of the Panamanian crypto bill project now lies in the hands of the Supreme Court of Panama.
• The bill was introduced in 2021 to the National Assembly and passed by the institution last year, but vetoed by President Laurentino Cortizo.
• Congress rejected the veto measure, leaving the decision of whether to sanction the project in the hands of the court.
The Panamanian crypto bill project, which was introduced in 2021 to the National Assembly and passed by the institution last year, has been left in the hands of the Supreme Court of Panama. The bill, which was meant to create a regulatory framework for the cryptocurrency industry in the country, had been vetoed by President Laurentino Cortizo after it was sent to him for approval. Despite objections from the executive, Congress decided to support the project in its current form and rejected the presidential veto. This has left the bill’s fate in the hands of the court, which will have to weigh the arguments in favor and against the sanction of the project.
President Cortizo had issued heavy objections to the bill’s form when it was sent to him for approval. Specifically, he criticized articles 34 and 36, as well as the bill as a whole, for not adhering to the norms that regulate the financial system and the Panamanian monetary model. He stated that the document requires ‚adaptation‘ to these norms before it can be approved.
The Supreme Court of Panama will now need to decide whether to approve the bill or not, based on the arguments presented by both sides. If they decide to approve the bill, it would bring great changes to the cryptocurrency industry in Panama. It could bring much-needed clarity and regulation to the sector, as well as providing more legal protection for cryptocurrency users. On the other hand, if the court decides not to approve the bill, then Panama will remain without a clear legal framework for cryptocurrencies.
The future of the Panamanian crypto bill project is now in the hands of the Supreme Court of Panama. They will have to make a decision based on the arguments presented by both sides and the implications of their decision will be far-reaching. Whether the bill is approved or not, it will have a significant impact on the cryptocurrency industry in Panama and the country’s economy as a whole.
