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<ul><li><keyword id="6358044" type="General" weightage="100" keywordseo="panama" source="Orion">Panama</keyword>, a known tax haven, passed a bill legalising crypto use for purchases in May. The bill would allow cryptocurrencies to be used for paying taxes, duties and more.</li><li>Last month, Panama's President <keyword id="7600957" type="General" weightage="20" keywordseo="laurentino-cortizo" source="Orion">Laurentino Cortizo</keyword> said that he wasn’t ready to approve the bill, citing money laundering concerns</li><li>Cortizo has partially vetoed the bill that had proposed legalising the use of crypto.</li></ul>Panama’s President, Laurentino Cortizo, has struck down a law that would have made it easier for the country’s crypto users to adopt the <keyword id="12465420" type="General" weightage="20" keywordseo="web3" source="Orion">web3</keyword> economy. Cortizo vetoed a bill that was passed by the country’s legislative assembly last month and would have made it easier for crypto exchanges to get licences to operate in the country. To be sure, Cortizo’s decision wouldn’t come as a surprise to industry watchers. “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,” Cortizo said while <a href="https://www.bloomberg.com/news/articles/2022-05-19/panama-president-will-refuse-to-sign-crypto-law-in-current-form#:~:text=Panama's%20President%20Laurentino%20Cortizo%20said,tougher%20anti%2Dmoney%20laundering%20controls.">speaking</a> at the Bloomberg New Economy Gateway Latin America conference last month. According to local press, La Prensa, Cortizo struck down the law on the grounds that it “requires adaptation to the norms that regulate our financial system”. His decision sends the bill back to the country’s legislative assembly — National Assembly — and it will be discussed again. <div type="twitter" handle="gabrielsilva8_7" handlename="Gabriel Silva" image="http://pbs.twimg.com/profile_images/1440429617236480003/T6e5Tc9g_normal.jpg" favoritecount="325" retweetcount="70" status="El Presidente acaba de vetar parcialmente el proyecto de Ley de CryptoUna oportunidad perdida para generar empleo… https://t.co/Cf0o7PQnLf" createdat="1655402667000" id="1537496339646500866"></div> Panama’s image as a tax haven had led many to believe that the country would be the next to adopt Bitcoin around the world, after El Salvador and the Central African Republic. But Cortizo said at the Bloomberg conference last month, “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.” The bill would have brought cryptocurrencies into Panama’s formal monetary ecosystem by allowing its citizens to buy goods using digital tokens. Had it been passed, it would have allowed transactions using Bitcoin, Ether, XRP (Ripple), Litecoin and Stellar for payment of taxes, fees and even duties to the government. However, the bill wouldn’t have made digital currencies legal tender like Panama’s Latin American neighbour El Salvador’s law. It was only allowing businesses to conduct transactions using such currencies. The country already recognized Decentralized Autonomous Organisations (DAOs) as legal entities, just like other companies. It also allows such entities to issue tokenized securities and commodities akin to gold and silver. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/billionaire-investor-jeff-gundlach-says-he-wont-be-shocked-if-bitcoin-falls-to-10000-as-blow-ups-rattle-the-crypto-market/articleshow/92253918.cms">Billionaire investor Jeff Gundlach says he won't be shocked if bitcoin falls to $10,000, as 'blow-ups' rattle the crypto market</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-slides-close-to-20000-after-the-federal-reserve-makes-biggest-rate-hike-since-1994/articleshow/92239289.cms">Bitcoin bounces up from $20,000 after the Federal Reserve makes biggest rate hike since 1994</a>

Panama’s crypto bill hits a roadblock – President turns down the law, says it requires more work

Luis Acosta/AFP via Getty ImagesA man wearing a face mask walks in Panama City, Panama, March 25.<ul class="summary-list"><li>Officials in Panama have ratcheted up social-distancing measures, saying women and men must undergo quarantines on different days.</li><li>Women can leave their homes to get necessities on Mondays, Wednesdays, and Fridays. Men can go outside for the same on Tuesdays, Thursdays, and Saturdays. Everyone must remain at home on Sundays. </li><li>"The great quantity of people circulating outside their homes, despite the obligatory national quarantine, has led the national government to take more severe measures," President Laurentino Cortizo said in a statement.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>As of Wednesday, women and men in Panama are under different quarantine schedules. Women are allowed to leave their homes for necessities on Mondays, Wednesdays, and Fridays. Men can leave their homes for the same on Tuesdays, Thursdays, and Saturdays."On Sundays, everyone will have to stay at home," <a href="https://www.kwtx.com/content/news/Panamas-president-announces-separate-quarantine-days-for-men-and-women-569247041.html">President Laurentino Cortizo announced</a>.The restrictions, which are in effect for at least 15 days, come on top of a nationwide lockdown that went into effect March 25. Panama currently has <a href="https://coronavirus.jhu.edu/map.html">1,317 cases of COVID-19</a>, the disease caused by the new coronavirus, and 32 deaths from it.The move could make it easier for Panamanian officials to ensure social distancing, <a href="https://www.cnn.com/2020/04/01/world/panama-coronavirus-sex-intl/index.html">Cortizo said on social media</a>. The first quarantine measure required all Panamanians to remain in their homes except to get food or in case of an emergency, but apparently the rule was not enough. More than 2,000 people were arrested last week for breaking the rules, <a href="https://nypost.com/2020/04/01/panama-strict-coronavirus-lockdown-based-on-gender/">according to Agence France-Presse</a>."The great quantity of people circulating outside their homes, despite the obligatory national quarantine, has led the national government to take more severe measures," Cortizo announced.The country has already taken some of the harshest measures to ensure social distancing in the region, <a href="https://www.cnn.com/2020/04/01/world/panama-coronavirus-sex-intl/index.html">according to CNN</a>. It's banned all domestic and international travel. And since March 22, it has even prevented Panamanian citizens from leaving the country.Panama also has had a curfew, preventing residents from leaving their homes between 9 p.m. and 5 a.m. With the new rule, it will begin even earlier, at 5 p.m.Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.And get the latest <a href="/coronavirus-business-impact">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/london-streets-left-deserted-during-covid-19-lockdown-2020-3">Inside London during COVID-19 lockdown</a></h3>

Panama is quarantining women and men on different days during its coronavirus lockdown

<ul class="summary-list"><li>US officials and lawmakers have for years voiced concern about growing US influence in <keyword id="11962841" type="UNKNOWN" weightage="60" keywordseo="latin-america" source="Orion">Latin America</keyword>.</li><li>For military and national-security leaders, that influence has security implications for the US.</li></ul>As the US increases its focus on global competition with <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, officials have <a href="https://www.businessinsider.com/southcom-4-ways-china-is-growing-influence-in-latin-america-2019-12" target="_blank" rel="noopener">singled out Beijing's inroads into Latin America</a> as a growing threat to countries there and to US interests in the region.At recent congressional hearings and public events, those officials have cautioned that China is investing in digital and physical infrastructure, natural resources and extractive industries, and in political and military relationships across Latin America and the Caribbean in a multipronged effort to secure access and influence and gain leverage over countries there in order to advance its own commercial and strategic interests.Although China's engagement with the region has focused on economic ties and it has not established a military presence there, US military commanders, national-security officials, and lawmakers believe Beijing's investments have implications for US security.At an August 2021 hearing on her nomination to lead <keyword id="14128431" type="UNKNOWN" weightage="60" keywordseo="us-southern-command" source="Orion">US Southern Command</keyword>, which is responsible for Central and South America, Gen. Laura Richardson said China comes to the region "with very sophisticated plans in order to capture the interests of the countries, willing to loan billions of dollars."<div type="image" title="Laura Richardson Southern Command Buenos Aires Argentina" height="1266" width="1688" msid="92039398" hostid="261"></div>"I look at that from the military lens of projecting and sustaining military power for the [Chinese People's Liberation Army] with this expansion," Richardson said at the time.Richardson's remarks echoed those of her predecessor, Adm. Craig Faller, who <a href="https://www.armed-services.senate.gov/imo/media/doc/Faller_03-16-21.pdf" target="_blank" rel="noopener">told</a> the Senate Armed Services Committee in March 2021, his final appearance as commander, that China was "rapidly advancing" toward its goal of "economic dominance" in Latin America within the next decade.Beijing "is also seeking to establish global logistics and basing infrastructure in our hemisphere in order to project and sustain military power at greater distances," Faller told lawmakers.At a hearing on China's presence in the region in April, Sen. Marco Rubio, citing <a href="https://www.uscc.gov/annual-report/2021-annual-report-congress" target="_blank" rel="noopener">a report</a> by the US-China Economic and Security Review Commission, said China is using its economic heft and political ties to convince countries there to make decisions that favor Beijing and "undermine democracy and free markets."The same report, Rubio added, said China's military seeks "to deepen its engagement in the region by funding the construction of ports, space programs, and other dual-use infrastructure that frankly is pretty clear it appears to have a limited economic purpose but could serve as future operating bases, even of rotational bases, for a hostile navy close to our nation's shores."<h2>Strategic concerns</h2><div type="image" title="Chinese President Xi Jinping at the Panama Canal" height="1513" width="2000" msid="92039399" hostid="261"></div>China has become a major trading partner for most of Latin America and the Caribbean. Its trade with the region <a href="https://www.foreignaffairs.com/reviews/review-essay/2022-02-24/latin-america-looks-east" target="_blank" rel="noopener">has risen</a> from $18 billion in 2002 to $450 billion last year.The region's largest countries have attracted Chinese investment in agricultural commodities as well as in ecommerce and other technology, including <a href="https://www.nytimes.com/2019/04/24/technology/ecuador-surveillance-cameras-police-government.html" target="_blank" rel="noopener">surveillance technology</a>. Smaller, resource-rich countries in Latin America have attracted Chinese interest in mineral wealth and oil exploration.Chinese firms have also pursued infrastructure projects across the region — many as part of Beijing's sprawling <keyword id="12209625" type="UNKNOWN" weightage="60" keywordseo="belt-and-road-initiative" source="Orion">Belt and Road Initiative</keyword> — but especially in areas that facilitate access into or around the continent.Richardson has said the Chinese presence around the <keyword id="14128432" type="UNKNOWN" weightage="60" keywordseo="panama-canal" source="Orion">Panama Canal</keyword> and near the <keyword id="14128433" type="UNKNOWN" weightage="60" keywordseo="strait-of-magellan" source="Orion">Strait of Magellan</keyword> are her "two greatest concerns, strategically."The canal is one of the world's most important trade corridors, particularly for goods flowing between the US and East Asia. It is "a strategic line of communication that we want to keep free and open for the global economy but also for our global war plans," Richardson told senators in March.China has invested billions of dollars in projects around the canal and Chinese state-owned enterprises are present "on either side," Richardson said. "What I worry about Chinese state-owned enterprises that have capability and infrastructure there is that they can be used for dual use, which means civilian but also military."<div type="image" title="Navy aircraft carrier George Washington in Strait of Magellan" height="1320" width="2000" msid="92039400" hostid="261"></div>The Strait of Magellan sees less traffic but remains an important route between the Atlantic and Pacific oceans, including aircraft carriers too big for the canal, and is close to resource-rich Antarctica. China's presence in ports and <a href="https://www.businessinsider.com/r-chinas-military-run-space-station-in-argentina-is-a-black-box-2019-1" target="_blank" rel="noopener">other projects</a> "around the tip of the southern cone" of South America is worrisome, Richardson said.US concerns about Chinese activity around the canal reflect a worry that such a presence "would give China at least some of the information" needed to understand trade and transit activity there and "to make decisions with security-related implications based on that information," Margaret Myers, director of the Asia and Latin America Program at the Inter-American Dialogue, told Insider.Richardson's counterpart at <keyword id="12554868" type="UNKNOWN" weightage="60" keywordseo="us-northern-command" source="Orion">US Northern Command</keyword>, which is responsible for North America and parts of the Caribbean, has expressed similar concerns. "China's very aggressive in the Bahamas right now," Gen. Glen VanHerck told the House Armed Services Committee in April 2021."They have the largest embassy in the Bahamas right now, and they continue to buy up [the] tourism industry to have access and influence," VenHerck said at the time, adding that those Chinese projects "do have access right now to an overwatch, if you will, of our Navy <a href="https://www.businessinsider.com/navy-area-51-autec-in-the-bahamas-2016-10" target="_blank" rel="noopener">test and training facilities</a>, which is very, very concerning."In the Caribbean, China sees similarities to its own "southeast maritime approaches," said R. Evan Ellis, a research professor of Latin American studies at the US Army War College."It sees exactly the same space — a space that has political importance, military importance, as well as economic importance" as a logistical hub and transit area connecting the US and Central and South America and points beyond, Ellis told Insider in late 2021.<div type="image" title="China navy hospital ship Peace Ark in Guayaquil Ecuador" height="1333" width="2000" msid="92039401" hostid="261"></div>Chinese military basing in Latin America is still "rather hypothetical" Myers told Insider, "but there's a sense that based on the sorts of investments that we see in areas of strategic interest to the US and some of the investments that we see in ports with potential dual-use capacity that things are headed in that direction."China set up its first overseas military base in Djibouti in East Africa in 2017 and is reportedly seeking a military presence in other regions, including the Middle East and West Africa. In <a href="https://www.congress.gov/117/meeting/house/114486/witnesses/HHRG-117-AS00-Wstate-RichardsonL-20220308.pdf" target="_blank" rel="noopener">written testimony</a> to the House committee, Richardson expressed concern about China abusing "commercial agreements at host country ports for military functions," citing Chinese actions <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fus-china-uae-military-11637274224" target="_blank" rel="noopener">in the United Arab Emirates</a>.China appears to have "some appetite to explore" a military presence in the Western Hemisphere but that is tempered by the proximity to the United States, a US analyst of Chinese foreign policy told Insider.China will likely "explore what it looks like to establish more significant military relationships in Africa or in the Pacific before they try something like that in the Western Hemisphere because of how much more likely a strong US reaction would be," the analyst said, requesting anonymity because of professional commitments.While China doesn't have a military presence in Latin America, the US military may have already experienced the impact of its influence there.In March 2021, US Coast Guard cutter Stone was <a href="https://warontherocks.com/2021/03/a-new-great-game-finds-the-south-atlantic/" target="_blank" rel="noopener">turned away</a> from a port call in Argentina, which has developed close economic and political ties with China."We were going to do a port call in Argentina, and then Argentina has got some relational business arrangement things with China," Adm. Karl Schultz, the Coast Guard commandant at the time, said in May 2021. "We didn't end up going into Argentina, but it sort of starts to show people's allegiances and alignments."<h2>'A very close eye' on China</h2><div type="image" title="China UN peacekeeper Haiti" height="1453" width="2000" msid="92039402" hostid="261"></div>While some Latin American countries nurture ties with China for ideological reasons, <a href="https://www.businessinsider.com/us-military-wary-of-chinas-military-economic-presence-in-venezuela-2019-4" target="_blank" rel="noopener">seeking to counter the US</a>, others have grown wary of Beijing because of US warnings and those countries' own <a href="https://www.nytimes.com/2018/12/24/world/americas/ecuador-china-dam.html" target="_blank" rel="noopener">experiences</a>.In Panama, Chinese investment expanded after then-President Juan Carlos Varela <a href="https://www.businessinsider.com/panama-china-relations-2017-6" target="_blank" rel="noopener">recognized</a> Beijing over Taiwan in 2017. After President Laurentino Cortizo took office in 2019, projects around the canal were canceled or withdrawn for what Mari Carmen Aponte, the Biden administration's nominee for ambassador to Panama, said were "the right reasons, meaning because there was non-compliance of the contract."At her confirmation hearing in May, Aponte told lawmakers she would "keep a very close eye" on agreements the Chinese have made in Panama, as "they seem to over-promise but not necessarily to deliver."Such warnings have also irritated Latin American leaders, many of whom hear the paternalism that has <a href="https://www.businessinsider.com/ilhan-omar-elliott-abrams-testimony-on-venezuela-central-america-2019-2" target="_blank" rel="noopener">often characterized</a> US policy toward the region. Many leaders want to <a href="https://www.americasquarterly.org/article/latin-america-doesnt-want-a-new-cold-war/" target="_blank" rel="noopener">avoid taking sides</a> in the competition between Beijing and Washington but welcome Chinese engagement because they see it as offering what the US is <a href="https://www.foreignaffairs.com/reviews/review-essay/2022-02-24/latin-america-looks-east" target="_blank" rel="noopener">unable or unwilling</a> to provide, like expanded trade, <a href="https://www.businessinsider.com/neighbors-see-chance-to-play-us-china-in-vaccine-race-2021-5" target="_blank" rel="noopener">coronavirus vaccines</a>, or infrastructure investment.Richardson often notes that 21 of the 31 countries in Southern Command's area of responsibility have signed onto China's Belt and Road Initiative and told the House Armed Services Committee this spring that several of its multibillion-dollar projects were particularly worrying, among them a $5.6 billion highway in Jamaica and a $3.9 billion metro project in Colombia, a close US ally."This region is rich in resources, and the Chinese don't go there to invest. They go there to extract," Richardson said of those projects.<div type="image" title="China Li Keqiang Jamaica Andrew Holness" height="900" width="1200" msid="92039404" hostid="261"></div>At an event in Washington, DC, in April, Jamaica's prime minister, Andrew Holness, <a href="https://www.press.org/events/npc-newsmaker-prime-minister-andrew-holness-jamaica" target="_blank" rel="noopener">said</a> US concerns about Chinese projects there were "totally unwarranted" and that China has pursued investments in Jamaica for "a long time while the US has been looking all over the place.""We would want to see more US investment in Jamaica, but Jamaica can't postpone its development needs until the US decides to come in," Holness said.Sergio Guzmán, director of Colombia Risk Analysis, a political risk consultancy, said that when Colombia has issued tenders for infrastructure projects, "US companies are completely AWOL.""So how can the US blame Colombia for giving them over to Chinese bidders, who are, by the way, the lowest bidders?" Guzmán told Insider.The Biden administration's signature <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">international</keyword> development effort, Build Back Better World, <a href="https://prospect.org/politics/build-back-better-dies-again/" target="_blank" rel="noopener">has foundered</a>, and US private-sector investment has been hard to attract to the region, either because of the overall environment or because the opportunities, particularly infrastructure projects, aren't well suited for American firms."There are efforts to try to increase and incentivize US investment in Latin America and the Caribbean now. The problem is that a lot of these initiatives are private-sector-led," Myers said, "and in a moment in time when the investment environments aren't necessarily improving in Latin America, it's very difficult to generate that interest."<div type="image" title="Military officers meet during Panamax exercise" height="1429" width="2000" msid="92039406" hostid="261"></div>The US Defense Department is involved in some infrastructure projects, largely through the Corps of Engineers, but their total value is a fraction of what China has offered, Richardson said this spring.Richardson and other officials say the US military's best asset for engagement is security cooperation — military education, training, and other exchanges that build on the US's already extensive partnerships in the region.China "doesn't have partners. We have partners. We have exercises where I have 29 countries that participate," Richardson told the House Armed Services Committee in March, referring to the annual Panamax exercise, which simulates defense of the Panama Canal.China's <a href="https://www.businessinsider.com/the-us-is-watching-chinese-influence-with-latin-american-militaries-2020-12" target="_blank" rel="noopener">defense cooperation with Latin American countries</a> "is far less" than that of the US, "but it does exist and the overall trend line has been going up," Daniel Erikson, deputy assistant secretary of defense for the Western Hemisphere, <a href="https://www.youtube.com/watch?v=Q4x0GjgzFvs&amp;list=PLb0XJybQSgVhRVmqX9qyeHTJd14ITH2vY&amp;index=5&amp;ab_channel=FIUGordonInstitute" target="_blank" rel="noopener">said</a> at a conference in May.The Pentagon is trying to "be more proactive" about engaging with countries in the region on issues relevant to them, such as training and exercises or in specific areas like cyber defense, Erikson said."As the overall security dynamic in the relationship evolves, what we need to do to out-compete evolves as well," Erikson added. "That's something that we're working very hard to stay on top of."

The US military is watching China's presence grow in Latin America, and it doesn't like where things are going

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Panama’s crypto bill hits a roadblock – President turns down the law, says it requires more work

BI India Bureau

Panama is quarantining women and men on different days during its coronavirus lockdown

Isaac Scher,Isaac Scher

The US military is watching China's presence grow in Latin America, and it doesn't like where things are going

Christopher Woody

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