Panama’s Towerbank Rolls Out Crypto Services

Key Takeaways

  • In a recent blockchain meet, Towerbank invited crypto enthusiasts to open accounts at the bank.
  •  The move is expected to help the bank expand its customer base to the crypto community.

Towerbank, a leading Panama bank, had opened its door to the world of crypto by rolling out crypto services at the bank. During the recent blockchain meetup hosted by the Chamber of Digital Commerce and Blockchain of Panama in Panama City, representatives from Towerbank invited crypto enthusiasts to open accounts at the bank.

Gabriel Campa, ​​who holds post of Vice president of product at Towerbank, promised to ensure that bitcoiners do not suffer setbacks such as blockages and closures that usually Panamanian citizens are subjected to when carrying out crypto operations. He further said that Towerbank only needs necessary steps to be carried out and a few documents from the crypto investors to open the accounts in the bank.

 Towerbank’s official Twitter account shared: “hello, crypto community!” to announce its dive into the crypto world. Towerbank has also retweeted tweets hinting that customers will be able to link their crypto accounts, including Binance, directly to their Towerbank bank accounts. According to certain sources, the crypto-related transactions will be limited to up to USD 5,000 per month, and the bank will not offer direct crypto to crypto services. However, an official statement detailing the bank’s approach to offering crypto services is awaited.

Cristobal Pereira, executive director of the Latam Blockchain Summit, took to Twitter to share that “Towerbank is crypto-friendly.” He added that crypto enthusiasts can “now come to open accounts and deposit withdrawals from exchanges without fear.”

Earlier this year, the Latin American country’s National Assembly had approved a bill to regulate BTC and eight other cryptocurrencies and approve their use for paying taxes and private transactions. However, Laurentino Cortizo, the president of Panama, did not endorse the crypto bill citing the need to add additional Anti-Money Laundering rules to the legislation.

Banking on the increasing pro-crypto sentiment in the country, Towerbank, with this move, aims to expand its customer base to the money-oriented crypto community. Panama’s reputation of being a tax haven will also add to its advantage.

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Saniya Raahath

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