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Panama Supreme Court Decides Cryptography Law
- Panama’s Supreme Court will decide whether a cryptocurrency bill passed last year will be approved or declared unenforceable.
- President Cortizo submitted the bill for review in January, claiming it was unconstitutional.
- If approved, Bill 697 will allow Panamanian citizens to use cryptocurrencies for any commercial or civil transaction.
The future of Panama’s cryptocurrency industry is in the hands of the Supreme Court as it reviews the “virtual currency bill” passed last year. President Laurentino Cortizo submitted the bill for review on January 26, arguing that it violated the constitution and could not be enforced.
Now, the Supreme Court must decide whether to approve Bill 697 with an amendment or declare it unenforceable.
The bill was first approved by the National Assembly on October 28 and passed to the president’s office on January 18, according to an official Panamanian government release.
The Office of the President then declared Articles 34 and 36 of the bill unenforceable, as they violated the principle of separation of powers and the creation of administrative bodies within the government.
President Cortizo said the passage of the bill was flawed, citing a partial veto in June as evidence. He argued that the bill needed further refinement…
The post Panama Supreme Court Set to Decide Cryptography Law first appeared in Coin Edition.
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