The President of Panama vetoed a bill on the use of cryptoassets

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The President of Panama vetoed a bill that is designed to regulate the circulation of crypto assets in the country and demanded that it be adapted to the rules governing the Panamanian banking system.

Laurentino Cortizo vetoed Bill No. 697, which regulates the commercialization and use of crypto assets in Panama.He stated that while the proposal was "innovative", it was not in line with thethe existing financial and monetary system of the country.

Cortizo sent the bill to the National Assembly for revision because he believes that the legislative initiative is not "adapted" to the rules governing the country's financial system and monetary model, "in which economic stability and fiscal discipline are guaranteed."

In particular, he did not agree with the provisions of the bill, which provided forthe possibility of including in the agenda the digitization of individuals who want to use these services using blockchain.

Cortizo also objects to the use of cryptoassets as a means of paying taxes, fees, and other obligations, as it stipulates that public authorities willare required to accept tax payments in cryptocurrency.

In May, Panama's president said he would not sign the billabout the regulation of cryptocurrencies in the country until it will beTougher anti-money laundering measures have been prescribed.