Latest news with #financialdistrict
Forbes
2 days ago
- Business
- Forbes
Panama's Bitcoin Strategy Takes-Off Through Conferences And Regulation
The skyline of Panama City with its skyscrapers in the financial district at sunset, Panama. Panama's Bitcoin Strategy keeps developing. The Central American country wants to become a new booming crypto hub. Last month, we had an announcement from Panama City's mayor, Mayer Mizrachi that the city will start accepting BTC and some cryptos for taxes. And now closing May, Mizrachi took the Bitcoin Conference scenario in Las Vegas, populating some ideas like paying the Panama Canal transit fee with bitcoin, and showcasing how important the country could become in the industry in the short term. Panama's bitcoin strategy could transform the country into a natural bridge between traditional finances and cryptocurrencies. Panama is known for its strong banking system. But when it comes to bitcoin and crypto, most of the efforts and initiatives have been happening with a low profile. But now, since last month, Panama City anounced the the voluntary use of cryptocurrencies as a method of payment for municipal taxes partnering with the self-described crypto-friendly bank, Towerbank for the project. According to Major Mizrachi, the Panamanian bank was selected because it is the only one offering such services. This agreement was announced in late April during the Panama Blockchain Week conference, as reported by the municipality. The agreement allows the municipality to integrate a new option for online payments. The key element here is that the provider is Towerbank, and it enables BTC, ETH, USDT, and USDC payments. "They receive the payment in crypto, and the municipality receives dollars, so no new law is needed for Panama or the public sector to adopt Bitcoin and other cryptocurrencies," Mizrachi explained to me in an interview. "This basically expands the available methods for citizens and businesses to fulfill their tax obligations. Beyond that, it's a strong statement: Bitcoin is here to stay, Panama knows it, and as the financial capital of Central America and the Caribbean, we are adopting it," Mizrachi underscored. The Towerbank announcement, the thematic conference where it was done, the participation of the major in the Bitcoin Conference in Las Vegas, Panama's potential recognized by experts and referents for the Bitcoin community like Stacy Herbert or Max Keiser, and the will of local communities, entrepreneurs, and government all seem to be aligned to clear a path of adoption. But Panama's bitcoin strategy, among the different pieces, also has a regulatory framework in the works. In April 2022, Panama's National Assembly passed Bill No. 697, which aimed to regulate the use of cryptocurrencies and digital assets, but in June 2022, President Laurentino Cortizo partially vetoed it. But in 2025, things are changing. Congressman Andrés Solís Arias proposed a new draft bill in March, and then crypto efforts continued steadily. The bill proposes the voluntary acceptance of cryptocurrencies in commercial transactions, something that contrasts with similar projects like the Bitcoin Law, which at first made BTC compulsory legal tender. The bill also mandates licensing and registration requirements for Virtual Asset Service Providers, which aligns with other regional regulations, like Argentina. Solis' proposal promotes the integration of blockchain technology within public administration without specifying the use case and proposes the formal recognition of smart contracts as legally enforceable instruments. The key objective is to strengthen Panama's Bitcoin Strategy as a leading fintech jurisdiction in Latin America. The bill has yet to be approved, and with the 2022 precedents, the community and bitcoin advocates' excitement around it should be moderated. But the efforts are there. "Let's make history. Approving this regulatory framework means giving Panama a strategic edge in the global digital economy. It's time to act, regulate, and move forward. The future is now," Solis posted on X, sharing an article about the bill published by the Spanish-speaking crypto outlet CriptoNoticias. The development of Panama's bitcoin strategy could foster Central America's influence in the region's adoption of digital assets. El Salvador is pioneering this with regulation around bitcoin, digital assets, and real-world assets, and if Panama finally enacts its own law and plan, other neighboring countries could feel compelled to do so.
CTV News
4 days ago
- Business
- CTV News
TSX down, U.S. markets mixed after court decision around Trump tariffs
Bank towers are pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — Canada's main stock index fell and U.S. markets were mixed Thursday as they reacted to a court decision on U.S. President Donald Trump's tariff regime. The S&P/TSX composite index was down 61.53 points at 26,22192. In New York, the Dow Jones industrial average was down 66.61 points at 42,032.09. The S&P 500 index was up 11.47 points at 5,900.02, while the Nasdaq composite was up 94.47 points at 19,195.41. The Canadian dollar traded 72.40 for cents US compared with 72.33 cents US on Wednesday. The July crude oil contract was down 75 cents US at US$61.09 per barrel and the July natural gas contract was down eight cents US at US$3.47 per mmBTU. The August gold contract was up US$17.60 at US$3,340 an ounce and the July copper contract was down half a cent at US$4.67 a pound. This report by The Canadian Press was first published May 29, 2025.
CTV News
26-05-2025
- Business
- CTV News
S&P/TSX composite up more than 200 points in late-morning trading
The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, Aug. 5, 2022. THE CANADIAN PRESS/Nathan Denette Canada's main stock index was up more than 200 points in late-morning trading, helped by strength in the technology, energy and industrial sectors. The S&P/TSX composite index was up 202.65 points at 26,082.60. U.S. stock markets are closed for the Memorial Day holiday. The Canadian dollar traded for 72.84 cents US compared with 72.70 cents US on Friday. The July crude oil contract was down seven cents US at US$61.46 per barrel and the July natural gas contract was down four cents US at US$3.69 per mmBTU. The June gold contract was down US$27.70 at US$3,338.10 an ounce and the July copper contract was down less than a penny US at US$4.84 a pound. This report by The Canadian Press was first published May 26, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
Al Arabiya
23-05-2025
- Al Arabiya
Fire breaks out at Hong Kong government headquarters
A fire broke out at the Hong Kong's government headquarters on Friday afternoon, leading to the evacuation of 30 people, public broadcaster RTHK said, with no injuries reported. The incident occurred around 12 p.m. local time (0400 GMT). Police received a report that a computer had caught fire in the west wing of the Central Government Complex, RTHK said. The building is located near the city's financial district. Police suspect that the incident was due to an issue with the electrical wiring, though no further details were provided.
CTV News
22-05-2025
- Business
- CTV News
TD Bank tops profit estimates, announces job cuts
TD Bank signage is pictured in the financial district in Toronto on Sept. 8, 2023. (Andrew Lahodynskyj / The Canadian Press) Canada's second largest lender TD Bank on Thursday reported better-than-expected quarterly earnings driven by growth at its capital markets business, as a volatile environment boosted trading activity. The lender also announced a restructuring program to save up to $650 million annually, including layoffs of about 2% or some 2,000 of its employees, business wind-downs and exits. Its wholesale banking arm - which houses its capital markets and investment banking businesses - reported a 16% jump in net income and record revenue of $2.13 billion, up 10% from a year earlier. That reflected higher trading-related revenue and underwriting fees, including from the sale of its remaining equity investment in U.S. financial services firm Charles Schwab SCHW.N. 'When there is uncertainty in the market, people take views on the direction, so you actually see more trading volume happening. TD, both on the securities side and wealth management side, will benefit from that,' CFO Kelvin Tran said in an interview. However, the bank set aside $1.34 billion in provisions to shield against future souring loans in an uncertain environment, up from $1.07 billion a year earlier. It also expects to incur restructuring charges of $600 million to $700 million pre-tax over the next several quarters. 'The uncertainty in the market does cause clients to pause in the wait and see mode, and they're deferring some long-term decisions. We still see loan growth despite the uncertainty in the environment, but given the outlook, and given that there's uncertainty, we build reserves,' Tran said. TD is undergoing a broad-based strategic review as the new leadership looks to simplify the business and turn around the bank after its anti-money laundering problems. Raymond Chun, a longtime TD Bank executive, took the helm in February. Tran said the bank is in the advanced stages of its review, which looks at how TD can 'accelerate momentum and seize new opportunities.' RBC Capital Markets bank analyst Darko Mihelic said he had a positive view on the results and the restructuring program was significant. TD kicks off the earnings season for Canadian lenders, with others set to report next week. TD's results offer a glimpse into the impact of the tariffs chaos on the Canadian economy. Adjusted earnings of $1.97 per share beat analysts' average estimates of $1.76, LSEG data showed. Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber and Jan Harvey, Reuters
