Bout 697, approved by the National Assembly in the third debate last April, is struggling to be accepted. He has not yet convinced the executive branch and the Superintendence of Banks of Panama (SBP).

The bill aims to regulate the marketing and use of crypto-assets in Panama. During his participation in the Bloomberg New Economy Gateway Latin America, the President of the Republic, Laurentino Cortizo, said that he would refuse to sign this bill. Cortizo said the initiative needed safeguards in line with global anti-money laundering standards, Bloomberg.com reported.

The bill wants to make the Republic of Panama compatible with the digital economy, blockchain, crypto-assets, tokenization of precious metals and other goods, and the Internet, for the benefit of its inhabitants and the rest of the world, as well as protection provisions, surveillance, the inspection and control of these activities. It proposes to give legal stability to these digital elements, in addition to the fact that it does not impose the use of bitcoin as a means of payment because it is presented on an optional basis for companies.