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Panama's President Vetoes Crypto Bill - Top Crypto Updates
Panama's President Laurentino Cortizo has partially vetoed a 'crypto bill' due to concerns about fitting the country's financial regulations and the need for additional Anti-Money Laundering rules. Meanwhile, Bitcoin, Ethereum, Solana, Cardano, and Avalanche all saw declines, contributing to a 4.05% drop in the global crypto market cap.
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Key takeaways
- Panama’s President Laurentino Cortizo partially vetoed a 'crypto bill' citing the need for more work to align with financial regulations and include additional Anti-Money Laundering rules.
- Bitcoin declined by 3.13% to $21,105.2, Ethereum fell 4.9% to $1,111.26, Solana dropped 5.68% to $31.69, Cardano was down 1.3% to $0.502, and Avalanche (AVAX) fell 2.8% to $16.62.
- The global crypto market cap experienced a 4.05% decline over the previous day, standing at $901.88 billion.
- Solana is planning a new fee prioritization model and network upgrades to enhance stability, which its co-founder Anatoly Yakovenko claims will not make the network 'expensive'.
- Elon Musk, Tesla Inc, and SpaceX have been sued for $258 billion by a Dogecoin investor who alleges they ran a pyramid scheme to support the meme coin.
Panama's President vetoes crypto bill
Panama’s President Laurentino Cortizo has partially vetoed a 'crypto bill', saying it requires more work to better fit the country's financial regulations. Cortizo had previously warned that he would not sign the bill unless it included additional Anti-Money Laundering rules. If passed, the new law would allow Panamanians to buy everyday goods with crypto.
Crypto prices today: Bitcoin down 3%, ETH falls 5%
Bitcoin is currently trading at $21,105.2, a decline of 3.13% over the previous day. Ethereum is down 4.9% over the last 24 hours to $1,111.26. Solana fell 5.68% to $31.69, while Cardano is trading lower by 1.3% at $0.502. Avalanche (AVAX) fell 2.8% to $16.62. The global crypto market cap stands at $901.88 billion, a 4.05% decline over the previous day.
Solana’s new gas fees won’t make the network 'expensive': Co-Founder
Solana is planning to launch a new fee prioritization model and other network upgrades aimed at stability. The model will charge an additional fee during times of congestion, but only for on-demand apps and services. Solana co-founder Anatoly Yakovenko has claimed that the model would not punish users with high fees across the entire network.
Crypto exchanges seek meeting with NPCI to restore UPI services
CoinSwitch Kuber, WazirX, CoinDCX, and other top crypto exchanges have written to the National Payments Corporation of India (NPCI), asking them to restore UPI services for crypto players. Members of the Blockchain and Crypto Assets Council have sought a meeting to discuss the regulator’s concerns regarding UPI usage for trade in cryptocurrencies.
Elon Musk, Tesla sued over allegations of running Dogecoin pyramid scheme
Elon Musk has been sued for $258 billion by a Dogecoin investor who accused him of running a pyramid scheme to support the meme coin. In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, Tesla Inc, and SpaceX of racketeering. He claims that Musk hyped up Dogecoin and drove up its price, only to let the price tumble later.
Frequently asked questions
Why did Panama's President veto the crypto bill?
Panama’s President Laurentino Cortizo partially vetoed the 'crypto bill' because he believes it requires more work to better fit the country's financial regulations and include additional Anti-Money Laundering rules.
What is the current price of Bitcoin?
Bitcoin is currently trading at $21,105.2, a decline of 3.13% over the previous day.
Who is suing Elon Musk?
Elon Musk has been sued for $258 billion by a Dogecoin investor named Keith Johnson, who accused him of running a pyramid scheme to support the meme coin.
Written by
Cherian VargheseRelated reads
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