פּאַנאַמאַ ס קריפּטאָ ביל פייסיז צוריקקער ווי פרעזידענט רופט פֿאַר שטרענגערע אַמל קאָנטראָלס

Panama’s President Laurentino Cortizo has called for stricter anti-money laundering (AML) controls in the much-anticipated bill that aims to regulate the use of cryptocurrencies, passed by the general assembly. He also refused to sign into law until the modifications are implemented.

The President’s Take

קאָרטיזאָ האט he needs guarantees that the bill adheres to global anti-money laundering standards. While speaking at the Bloomberg New Economy Gateway Latin America conference in Panama City, the President added,

“If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law. I have to be very careful if the law has clauses related to money laundering activities. Anti-money laundering activities are very important to us.”

Global intergovernmental watchdog – the Financial Action Task Force (FATF) – earlier added Panama to its Grey list in June 2019. After this, the offshore hotspot’s financial leaders assured it would commit to several measures focused on strengthening its anti-money laundering (AML) and fighting the financing of terrorist (CFT) regimes.

בשעת Cortizo גלויבט אַז די קריפּטאָ געזעץ איז "ינאַווייטיוו," ער גילוי ווארטן פֿאַר גלאבאלע רעגולירן פון די אַסעט קלאַס.

"עס איז אַן ינאַווייטיוו געזעץ פון וואָס איך האָב געהערט, דאָס איז אַ גוט געזעץ. אָבער, מיר האָבן אַ האַרט פינאַנציעל סיסטעם דאָ אין פּאַנאַמאַ און איינער פון די טינגז וואָס איך וואַרטן אויף איז ווען איר האָבן אַ גלאבאלע רעגולירן פון קריפּטאָ אַסעץ.

The Bill Itself

The lawmakers in the Latin American country approved a bill that would regulate the use of Bitcoin and eight other cryptocurrencies while also aiming to pay taxes and private transactions.

A copy שערד by Gabriel Silva, a Panamanian lawmaker, revealed that citizens, banks, and legal entities in the country will be allowed to use Bitcoin, Ethereum, XRP, Litecoin, XDC Network, Elrond, Stellar, IOTA, and Algorand, as a means of payment in both civil and commercial capacities “without limitation.”

As reported earlier, Panama’s bill קאַנטיינד similar stipulations as its neighbor El Salvador’s Bitcoin Law. It would also enable government agencies to migrate public records to blockchain technology, a move many consider would transform the country into a digital hub in Latin America and attract investments from financial technology firms.