{"id":545240,"date":"2023-01-30T00:52:14","date_gmt":"2023-01-29T21:52:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/panamas-supreme-court-to-rule-on-cryptocurrency-legislation\/"},"modified":"2023-01-30T00:52:14","modified_gmt":"2023-01-29T21:52:14","slug":"panamas-supreme-court-to-rule-on-cryptocurrency-legislation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/panamas-supreme-court-to-rule-on-cryptocurrency-legislation\/","title":{"rendered":"# Panama&#8217;s Supreme Court to rule on cryptocurrency legislation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a393cb8d4096\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a393cb8d4096\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/panamas-supreme-court-to-rule-on-cryptocurrency-legislation\/#%E2%80%9D_Panamas_Supreme_Court_to_rule_on_cryptocurrency_legislation_%E2%80%9C\" >&#8221; Panama&#8217;s Supreme Court to rule on cryptocurrency legislation &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Panamas_Supreme_Court_to_rule_on_cryptocurrency_legislation_%E2%80%9C\"><\/span>&#8221; Panama&#8217;s Supreme Court to rule on cryptocurrency legislation &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvNDI4MmE4MGQtNzYyOS00YWQxLTk1MDQtYWRjNDM5M2I1ZDEyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Panama&#8217;s crypto bill saga has reached a new chapter, with the country&#8217;s Supreme Court deciding the future of the local crypto industry.<\/p>\n<p>Panama&#8217;s President Laurentino Cortizo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.laestrella.com.pa\/uploads\/files\/2023\/01\/26\/Proyecto%20CRIPTOMONEDAS.pdf\">sent<\/a> on Jan. 26 the Bill No. 697, dubbed the &#8220;crypto bill,&#8221; to the high court for review and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval, after objecting to the legislation, claiming it violated the constitution&#8217;s core principles and was unenforceable. <\/p>\n<p>The Supreme Court must now decide whether to declare the legislation unenforceable or to approve it with modifications.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.presidencia.gob.pa\/Noticias\/Ejecutivo-remite-a-la-Corte-Suprema-proyecto-de-ley-que-regula-uso-de-criptomonedas\">According<\/a> to an official statement, the government considers articles 34 and 36 of the bill unenforceable, since they violate the state&#8217;s separation of powers and establish administrative structures within the government. <\/p>\n<p>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 \u201cfiscal transparency and prevention of money laundering.\u201d<\/p>\n<p><strong><em>Related:\u00a0The 5 most important regulatory developments for crypto in 2022<\/em><\/strong><\/p>\n<p>A dispute between Panama&#8217;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\u2019t sign itl unless it included additional Anti-Money Laundering (AML) rules. <\/p>\n<p>The bill was introduced in September 2021 to the National Assembly of Panama, aiming to make the country \u201ccompatible with the digital economy, blockchain, crypto assets and the internet.\u201d It was moved out of the Economic Affairs Committee on April 21 before being approved by the local congress.<\/p>\n<p>Based on the legislation, Panamanians \u201cmay freely agree on the use of crypto assets, including without limitation Bitcoin and Ethereum\u201d as an alternative payment for \u201cany civil or commercial operation.\u201d<\/p>\n<p>Furthermore, the bill would regulate the tokenization of precious metals and the issuance of digital value. Digitization of identity using blockchain or distributed ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> would also be explored by the government\u2019s innovation authority.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/panama-s-supreme-court-to-rule-on-cryptocurrency-legislation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Panama&#8217;s Supreme Court to rule on cryptocurrency legislation &#8220; Panama&#8217;s crypto bill saga has reached a new chapter, with the country&#8217;s Supreme Court deciding the future of the local crypto industry. Panama&#8217;s President Laurentino Cortizo sent on Jan. 26 the Bill No. 697, dubbed the &#8220;crypto bill,&#8221; to the high court for review and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":545241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/4282a80d-7629-4ad1-9504-adc4393b5d12.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75700,74355,72692,70934],"class_list":["post-545240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-panama","tag-adoption","tag-legislation","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=545240"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/545241"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=545240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=545240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=545240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}