Bitcoin Adoption Gets Complicated: Panama Changes Its Mind About Crypto

Hesitation or perfectionism? – After the salvador September 7, 2021 is more recently the Central African Republic which adopted Bitcoin (BTC), following the approval of a cryptocurrency law in late April. the Panama will it be the 3rd country to recognize Bitcoin as a currency? Despite a well-advanced bill on the subject, the President Laurentino Cortizo hesitant to finalize this crypto-adoption.

The Panamanian president a little too cautious (or misinformed) on the Bitcoin law?

On April 21, 2022, the National Assembly of Panama has mostly passed a very Bitcoin-friendly bill 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 cryptos.

It now remains for this “Bitcoin Law” to be ratified by the Panamanian President, Laurentino Cortizo. And according to a BNN Bloomberg publication, that’s where things would get a little stuck. The leader does not know if the current text of the law includes a fairly strict control in terms of the fight against money laundering (AML). He seems to lack information on this crucial law for his country.

“If I have to respond to you now with the information I have, which is not sufficient, I would not sign this law. (…) I have to be very careful to know if 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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The Panama Papersnever again ?

After the scandal of Panama Papers in 2016, which involved 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 Task Force (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 that it seems to him a priori “a good law” for Panama. The president, cautious, would wait for the recommendations of his counsel before making his decision.

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

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