Bitcoin adoption becomes complicated: Panama changes its mind about cryptocurrencies

Hesitation or perfectionism? – After savior September 7, 2021 is more recent the Central African Republic which adopted Bitcoin (BTC), following the approval of a cryptocurrency law in late April. the Panama will be the third country to recognize Bitcoin as a currency? Despite an advanced bill on the matter, the President Laurentino Cortizo reluctant to finalize this cryptocurrency adoption.

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

On 21 April 2022 the National Assembly of Panama mostly has passed a bill very favorable to Bitcoins and cryptocurrencies. It will allow to perform purchases of goods and services in cryptocurrencies as with any other fiat currency. Or even of pay his taxes in cryptocurrencies.

It now remains to ratify this “Bitcoin Law” by the Panamanian President, Laurentino Cortizo. And according to a BNN Bloomberg publication, that’s where things come it would get a bit stuck. The leader does not know if the current text of the law provides for a strict enough control in terms of the fight against money laundry (LMA). You seem to lack information on this crucial law for your country.

“If I were 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 to know if the law contains clauses relating to money laundering activities. Anti-money laundering activities are very important to us. “

Laurentino Cortizo, President of Panama

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The Panama documentsnever again ?

After the scandals of Panama documents in 2016, then Pandora cards in 2021 – which involved leaders and personalities from all over the world -, we understand that Laurentino Cortizo is concerned about corruption, tax evasion and other types of money laundering.

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

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

However, the legalization crypto is spreading across the planet at full speed. Just a few days ago he was the Russian minister Denis Manturov who explained that the adoption of a clear regulatory framework for cryptocurrencies in Russia It was just a matter of time.

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