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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

<ul class="summary-list"><li><keyword id="6359891" type="UNKNOWN" weightage="60" keywordseo="emerging-markets">Emerging markets</keyword> are pioneering digital and <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> currency usage, trading and mining. </li><li>Since <keyword id="68460" type="COUNTRY" weightage="60" keywordseo="El-Salvador">El Salvador</keyword> voted to adopt <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> as legal tender, a slew of politicians have said they want to follow suit. </li><li>Many showed their support through tweets or by adding the symbolic laser eyes to their Twitter pictures.</li></ul>Cryptocurrencies can often stir up concern among conservative investors and few are as conservative as central banks, and regulators are definitely skeptical. But this does not appear to be the case in emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Politicians, central bankers and regulators across the developed world might be a little wary, but those in the emerging world are pushing the boundaries of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> adoption, by pioneering how digital tokens are used, traded and mined. In fact, they could become crypto's next big frontier, as a slew of politicians from Brazil, and Argentina and even Tonga have publicly stated that they want their countries to follow the example of El Salvador in making cryptocurrencies legal tender. <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">El Salvador's Congress approved a law</a> last week that made the small Central American country the first to accept bitcoin as legal tender, giving it equal status to the US dollar in El Salvador. "Other countries will follow El Salvador's lead for two main reasons, making bitcoin legal tender will attract Bitcoin entrepreneurs and ease the burden of sending money internationally." Edward Moya, senior market analyst at OANDA told Insider. Indeed, since El Salvador's president <a href="https://www.businessinsider.com/el-salvador-seeks-make-bitcoin-legal-tender-first-nation-crypto-2021-6?utm_source=markets&amp;utm_medium=ingestgest">Nayib Bukele first announced the bitcoin bill</a>, a slew of other emerging markets politicians have said that their own countries should follow suit. Paraguayan congressman Carlitos Rejala <a href="https://twitter.com/carlitosrejala/status/1401905833399685123">tweeted</a> "This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc &amp; #paypal". Gabriel Silva, a congressman from Panama <a href="https://twitter.com/gabrielsilva8_7/status/1401965129051389958">said</a> his country could not afford to be left behind and a broader adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> was necessary for the country to attract technological innovation and entrepreneurship. Brazilian politician <a href="https://twitter.com/gilson__marques/status/1402007277662523392">Gilson Marques</a> and the Argentinian <a href="https://twitter.com/fsancheznqn/status/1402045876386807809">Francisco Sánchez</a> were among those who added laser eyes, a symbol used by bitcoin bulls, to their public profile pictures. Central banks around the world are considering launching their own digital currencies that would be centrally managed and regulated - a key difference to existing cryptocurrencies like bitcoin. The Federal Reserve and European Central Bank are still in the very early stages of looking into a digital currencies, while many emerging-market central banks are making fast progress in the area. "Their use in small-scale trading and remittance transfers from workers abroad are among the main reasons for the popularity of crypto currencies in EM. Central bank digital currencies (<keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword>) could also facilitate getting social transfers to the poor and improve transparency of the large informal economy. These channels could be positive for economic growth in EM." a recent Bank of America research note said. The popularity and value of crypto currencies like bitcoin and ether has boomed over the past year. They're both an asset class in their own right, as well as a means of payment for goods and services. Various sports teams like the Dallas Mavericks or Oakland A's for example accept cryptocurrencies as payments for tickets or merchandise. In El Salvador, a whole town was already running on crypto - El Zonte, also known as 'Bitcoin Beach'. Soon the whole country could now be working in similar ways and, if some politicians get their will, other emerging markets countries could as well. El Salvador's decision has however been received cautiously by regulators and politicians in developed markets. Bank of England Governor Andrew Bailey said just this week that <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-volatility-andrew-bailey-bank-england-governor-bitcoin-boe-2021-6-1030520851">cryptocurrencies are too volatile to be used as a payment form.</a> And the <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-btc-world-bank-help-rejected-environment-transparency-2021-6-1030530998">World Bank rejected El Salvador's request to help with the implementation of bitcoin</a> over environmental concerns linked to crypto mining. Further, regulators have shown concern about the use of crypto to fund illicit activities. Bitcoin is already up by 300% in the last 12 months and, if more countries adopt it, it should stand to gain even more, even though regulators are tightening their scrutiny of the market, analysts said. "Bitcoin becoming legal tender in other countries should support the bull case for bitcoin," OANDA's Moya said. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

<ul><li><keyword id="68460" type="LOCATION" weightage="20" keywordseo="El-Salvador">El Salvador</keyword>, a country in Central America, will become the first sovereign government to approve <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> as <keyword id="2083814" type="PERSON" weightage="20" keywordseo="legal-tender">legal tender</keyword>, alongside the US dollar.</li><li>Since conventional or digital banking isn’t in reach of citizens, much of the population is disconnected, severely limiting growth prospects. Also the country is heavily reliant on remittances.</li><li>“Financial inclusion is not only a moral imperative but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions,” <keyword id="2540" type="POSITION" weightage="20" keywordseo="President">President</keyword> Bukele said.</li><li>It’s worth noting that Bitcoin has flourished in countries where government authorities cannot efficiently regulate fiat currency, like Cuba, Venezuela, and Turkey. </li></ul>El Salvador, a country in Central America, stands to create history and become the first sovereign government to approve Bitcoin as legal tender, alongside the US dollar. President Nayib Bukele has confirmed that a [Bitcoin] bill will be sent to Congress to accept Bitcoin as a legal tender within the next week. The government has partnered with digital wallet company Strike to build and deploy the country’s modern financial infrastructure by leveraging <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a>. President Bukele is viewed as a rare innovator who gained popularity and won the elections in 2019. He was the first leader in 30 years to win without support from the country’s largest party. He already enjoys a majority in the legislature; hence it won’t be difficult for him to enact the new ruling. President Bukele believes that Bitcoin will make it easier for Salvadorans living abroad to send payments home and is confident the move will positively impact its economy. "Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system," Jack Mallers, founder of Strike, said at the <a href="https://www.youtube.com/watch?v=w8nFfz_a-Fk">Bitcoin 2021</a> conference in Miami. It’s also where the President spoke for the first time about his cryptocurrency policy via a video. The government has <a href="https://www.reuters.com/technology/el-salvador-keep-dollar-legal-tender-make-bitcoin-optional-trade-minister-2021-06-07/">clarified</a> that it will not be entirely shifting to Bitcoin and that the US dollar will continue to be a legal tender. Trade and Investment Minister Miguel Kattan said Bitcoin was already in limited use in El Salvador and the two currencies can co-exist. <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">So, why is El Salvador adopting Bitcoin as a currency?</h2> The tiny country borders Honduras and Guatemala, both having their currency -- Lempira and Quetzal. However, El Salvador adopted the US dollar as its legal tender in 2001 since it did not have its own monetary policy. Panama and Ecuador also embraced the shift. However, the evolution had its unique problems -- the countries were overly reliant on one currency regulated by a far-off authority with no practical ground presence in the country. Since conventional or digital banking isn’t in reach of citizens, much of the population is disconnected, severely limiting growth prospects. Being a cash reliant economy, remittances constitute 20% of the country’s economy. These remittances are subject to massive commissions and forex charges that can go up to 10%. The country loses a lot of its wealth to intermediaries and companies not associated with the local population since more than $6 billion is sent home every year. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Cryptocurrencies</a> can help bridge this gap and enable El Salvador to adopt a digital-first approach that’s decentralised, secure, and reliable. The dollar has reached its saturation point for globalisation. “Financial inclusion is not only a moral imperative but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions,” President Bukele said. Bitcoin is widely used for cross-border transfers, despite its volatile value and criticism. While this may be an exaggeration, President Bukele is confident that Bitcoin can make the country more prosperous. “Bitcoin has a market cap of $680 billion. If 1% of it is invested in El Salvador, that would increase our GDP by 25%,” President Bukele <a href="https://twitter.com/nayibbukele/status/1401335885497524226">tweeted</a>. <div type="twitter" handle="nayibbukele" handlename="Nayib Bukele 🇸🇻" image="http://pbs.twimg.com/profile_images/1401390940661637120/goxp_8SZ_normal.jpg" favoritecount="37785" retweetcount="8687" status="#Bitcoin has a market cap of $680 billion dollars.If 1% of it is invested in El Salvador, that would increase our… https://t.co/ZHLSHfvfEa" createdat="1622939485000" id="1401335885497524226"></div> <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">However, doubts still loom over its success</h2>Experts warn that Bitcoin has an existing track record of being too energy-intensive, making it uneconomical to run operations. Bitcoin can <a href="https://towardsdatascience.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44">process</a> 4.6 transactions per second, while international payments processing company Visa can do 1,700 in the same time. Due to its blockchain-based technology, Bitcoin is exceedingly harder to scale and often considered “old” in the crypto world. Lack of any central regulation will also mean El Salvador is again betting its future monetary policy in the hands of pure market dynamics. Bitcoin has proven to be highly volatile, making it less favourable as a currency in developed countries where fiat options don’t pose significant challenges. Although, it’s worth noting that the use of Bitcoin has flourished in countries where government authorities cannot efficiently regulate fiat currency, like Cuba, Venezuela, and Turkey. Amid surging inflation and poor macro policies, citizens have charted their own course. Small countries also don’t have the resources right now to fully consider a CBDC (Central Bank Digital Currencies) like China, leaving them with only the existing options. If El Salvador’s strategy works out, it could pave way for many more countries to follow. Reports suggest that lawmakers in Paraguay and Panama are also considering all options. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/chinas-war-against-crypto-continues-as-weibo-bans-at-least-a-dozen-popular-cryptocurrency-accounts/articleshow/83309874.cms">China’s war against crypto continues as Weibo bans at least a dozen popular cryptocurrency accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/heres-why-gpu-prices-are-skyrocketing-in-india/articleshow/83304810.cms">GPU prices are skyrocketing in India— this is how crypto miners and scalpers are making it worse</a>

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

BI India Bureau

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

Sophie Kiderlin

Here’s why El Salvador’s President is endorsing Bitcoin as a legal tender

Shivam Vahia

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