The disputed crypto bill of Panama is now in the hands of the Supreme Court, which will decide its fate.
The Supreme Court of Panama has been involved in the landmark crypto bill controversy that recently erupted in the country. According to the latest developments, the Supreme Court would now decide the bill’s fate, which would impact Panama’s crypto industry.
The President’s office and the assembly have differed strictly on the bill, with President Laurentino Cortizo sending the bill to the court for review. According to President Cortizo, the bill cannot be enforced as it violates constitutional principles. An official statement from the President’s office states in its translated version, “The Executive objected as unenforceable and for substantive reasons, articles 34 and 36; and for formal reasons, the entire bill.”
The President also believed that the bill was passed without necessary procedures as he had partially vetoed it last June. He wanted additional measures to be added to the bill to prevent money laundering and enforce fiscal transparency.
The bill, introduced in September 2021, was aimed at making Panama a regulated region for the crypto industry, in tune with the latest trends in technology. The bill would have included several aspects like tokenization, usage of Bitcoin and Ethereum as payment protocols, and regulation of digital assets.
It is up to the country’s top court now to decide the fate of the bill.