Bitcoin adoption is complicated: Panama changes its mind about Crypto

Hesitation or perfectionism? – After the savior September 7, 2021 is more recent Central African Republic adopting Bitcoin (BTC), following the passage of a cryptocurrency law in late April. the Panama Will it be the third country to recognize Bitcoin as a currency? Despite a well-advanced bill on the subject, the President Laurentino Cortizo hesitates to end this cryptographic adoption.

Is the Panamanian president too cautious (or misinformed) about Bitcoin law?

On April 21, 2022, the National Assembly of Panama has mostly approved a very friendly bill with Bitcoin and cryptocurrencies. It will allow you to act purchases of goods and services in cryptocurrencies as with any other fiat currency. Or even from pay your taxes in crypts.

Now it remains for this “Bitcoin Law” to be ratified by the Panamanian president, Laurentino Cortizo. And according to a BNN Bloomberg post, this is where things are it would get a little stuck. The leader does not know if the current text of the law includes a fairly strict control over the fight money laundering (AML). He seems to be missing information about this crucial law for his country.

“If I had to answer you now with the information I have, which is not enough, I would not sign this law. (…) I have to be very careful about whether the law contains clauses related to money laundering activities. Anti-money laundering activities are very important to us. »

Laurentino Cortizo, President of Panama

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He Papers from Panamanot anymore ?

After the scandal of Papers from Panama in 2016, with the participation of leaders and personalities from around the world, we understand that Laurentino Cortizo is concerned about corruption, tax evasion and other money laundering.

Especially that the Financial Action Working Group (FATF) is closely following the Central American country. Not to mention the Mexican and Colombian drug cartels, which actively seek to launder the dirty money from their trafficking.

Despite all this, Laurentino Cortizo concludes by saying that this law on Bitcoin and cryptocurrencies is “innovative”and that seems to him a priori “a good law” for Panama. The prudent president would wait for his lawyer’s recommendations before making his decision.

Anyway, the legalization Cryptography is spreading around the planet at full speed. Just a few days ago, he was the Russian minister Denis Manturov which explained that the adoption of a clear regulatory framework for cryptocurrencies in Russia it was only a matter of time.

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