Towerbank, ranked among the top 30 financial institutions in Panama, declared itself “bitcoin bank Panama friendly” with bitcoin. Their representatives are inviting bitcoiners to open their accounts in the entity. They ensure that, by doing so, they will not suffer blockages, closures or other setbacks that Panamanian citizens usually report from banking when they carry out operations with cryptocurrencies.
In a bitcoin meetup organized by the Panamanian Chamber of Digital Commerce and Blockchain, Towerbank Product Vice President Gabriel Campa said that Towerbank is studying the ecosystem of cryptocurrencies. “And we hope to have something soon to offer our customers,” added during the meeting attended by about 50 people.
The executive added that as part of the study they are carrying out, the bank is launching its Crypto Friendly account to have an approach with cryptocurrency users.
“We want to work with you and learn what we can create to help you be part of this new world. [el de las criptomonedas]», Campa pointed out to the applause of those present.
“This is the first bank in Latin America that publicly announces something like this. It’s worth sharing.” wrote on Twitter Cristóbal Pereira, CEO of Latam Tech and organizer of the Blockchain Summit Latam.
The bitcoiner community is reacting enthusiastically at the announcement. That there are friendly banks with cryptocurrencies is a clamor. This, due to the multiple inconveniences that, for years, have arisen due to the closing of accounts by various financial institutions.
As we have reported in CriptoNoticias, in 2008, CryptoMKT and Buda cryptocurrency exchange houses were notified of the closing some of your accounts banking by several Chilean banks.
Similarly, in 2020, several banks closed customer accounts associated with the use or trading of cryptocurrencyyes In particular, the banks BBVA, Pibank and Bankia would be applying this action against cryptocurrency merchants in the European country.
A bank with bitcoin laser eyes
Gabriel Campa told CriptoNoticias that to open Crypto Friendly accounts in Towerbank, it will only be necessary to carry out a few steps and present few documents. As he points out, the benefit is that, through them, bitcoiners and other cryptocurrency users will be able to switch to fiat on exchanges and other service providers without a hitch.
Those interested in opening a Crypto Friendly account should go to the bank to request an appointment with Alicia Sánchez, Milena Saldaña or Angie Lozano. They only need to present the following requirements: name, identity card or passport, telephone number, email, activity to which they are engaged, place of work, monthly income and place of residence.
Gabriel Campa, vice president of product at Towerbank.
Campa added that to ensure the protection of its clients and due to the financial risk that the use of cryptocurrencies in the banking sector may represent, customers are required to notify the bank of the addresses they use to trade crypto assets.
A similar measure is also applied by cryptocurrency exchanges and other service operators that are required to comply with the FATF rules. However, these guidelines are questioned by some members of the community who point out that they are detrimental to privacy.
When customers receive funds from the sale of cryptocurrencies. we need to know the address of the wallet with which the transaction was made. So if you only have one address, you must tell us when you open your account, and if you later change your address, you must still tell us.
Gabriel Campa, vice president of product at Towerbank.
On the other hand, users should know that through Crypto Friendly accounts they can only make transactions of up to USD 5,000 per month.
This has been long overdue, for banks to start being friendly to bitcoin and understand how the technology itself works. So Towerbank is taking the plunge and other financial institutions may soon start to catch up and understand how they can make it easier for cryptocurrency users to trade. Above all, now, given that in recent months in Panama the number of people who want to transact with cryptocurrencies has increased.
Rodrigo Icaza, Secretary General of the Chamber of Digital Commerce and Blockchain of Panama.
From Icaza’s point of view, hehe banking platform can be a key element in preventing scams. This is due to the fact that in Panama there are also increasing cases in which sellers do not transfer the cryptocurrencies for which others have already paid them. “For me, banking can play a key role in preventing these frauds,” he said.
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