LatinNews Daily - 17 June 2022

In brief: Panama’s Cortizo vetoes cryptocurrencies bill

* Panama’s President Laurentino Cortizo vetoed a piece of legislation (Ley 697) that seeks to incorporate the use of cryptocurrency into the national constitution. The bill had been passed by the national assembly in April but was blocked by Cortizo on the grounds that it ran contrary to the country’s financial and monetary system. Cortizo said that this system had guaranteed Panama’s economic stability and fiscal discipline, in particular through its ability to generate healthy and stable foreign investment. Cortizo objected to section 1 of article 4 of Ley 697, which proposed a process of digitalisation using blockchain technology. He said his government believed that such a move would give third parties too great a role in the handling of personal information. Article 8, which proposed permitting the use of cryptocurrencies for the payment of taxes, was also a point of objection.

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