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Cryptocurrency law returns to Panama, but with criticism and opposition

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Panama’s notorious “cryptocurrency law,” which aims to regulate the use of bitcoin (BTC) and cryptocurrencies, was passed in the third debate of the Panamanian parliament, although it raised several criticisms from the community, including the same Congressman Gabriel Silva, who introduced the legislation at the beginning.

The bill was debated again in the legislative branch afterward. it was vetoed by the President of Panama, Laurentino Cortizo.Last June, a fact that reported CryptoNews.

On his return to the Panama Assembly, the text underwent several changesSilva called them “a step backward in terms of competitiveness for the country.”

“They made dozens of changes to my proposal, in a non-consensual way, damaging what was a good project.” said the independent congressman, on his Twitter account.

As such, the congressman suggested taking the bill back to the second debate to discuss it in a “fair” and truly competitive manner. “Innovation must always go forward, not backward,” he said.

More criticism from the community

In addition to Congressman Silva, Felipe Echandi, CEO of FinTech Panamense, also raised his voice. Cuanto and Secretary of the Board of Directors of the Panama Banking Superintendency.

Echandi criticized that a list of crypto-assets was included in the law, without any basis and believes this may cause concern in the future. The digital assets added are: Huobi Token, Tron, and Kyrrex.

“A proposed law should be compatible with the future and not just cite examples from the present as if things were static.” express Echandi.

Other new changes to the law, has to do with the creation and management of an exchange by the government. Congressman Silva listed that the purpose of the legislation was not to create a bureau de change that is not certain to be well run.

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Echandi also pointed out that changes can lead to institutional clashes between the Banking Superintendency of Panama and the National Bank of Panama over the regulation of payments made on cryptocurrency platforms.

“This will maintain low competition in payments and will not help increase financial inclusion,” the specialist concluded.

With the approval in the third debate, now the bill passes back into the hands of President Cortizo.who must give his approval or, if not, reject the new proposal.

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