One of Panama’s top 30 banks says it is ‘Bitcoin Friendly’ and offers Cryptocurrency Services

One of Panama's top 30 banks says it is 'Bitcoin Friendly' and offers Cryptocurrency Services

Panama’s road to cryptocurrency adoption is moving into high gear. Towerbank, a Panamanian financial institution with more than 200 employees and 40 years of banking experience, has come out in favor of bitcoin (BTC), paving the way for crypto accounts.

In a series of tweets and leaks from a blockchain meeting in Panama’s capital, Panama City, the bank opened its doors to the crypto community. During the blockchain meeting organized by the Digital Commerce and Blockchain Association of Panama on May 26, Towerbank representatives invited crypto enthusiasts to open accounts with the bank.

Gabriel Campa, Vice President of Products at Towerbank, said that crypto customers will not experience the “hiccups” of Panamanian citizens in carrying out cryptocurrency activities at the bank.

Cristobal Pereira, executive director of the Latam Blockchain Summit and a participant in the meeting with Towerbank and Camp, said that “Towerbank is in favor of cryptocurrencies”. He clarified in a tweet that encryption enthusiasts can “open accounts and make deposit withdrawals on exchanges without fear”.

Here in Panama in #meetup with @Towerbank and they are announcing that they are cryptocurrency friendly, and you can come and open accounts and withdraw deposits on exchanges without fear … the first bank in Latin America to do it announce this publicly! To share!
– Cristobal Pereira (@cristpereirag) May 26, 2022

On May 28, Towerbank’s official Twitter account shared, “Hello crypto community! Rumors confirm that the member of the Top 30 country banks was infatuated with crypto enthusiasts in Latin America. The tweet has been pinping to the profile ever since.

Hello community #Crypto!
– Towerbank (@Towerbank) May 28, 2022

According to the information, cryptocurrency-related transactions are limited to $ 5,000 per month and the bank does not offer direct services between cryptocurrencies. As of today, the move to the crypto community is a sign that digital assets under a certain size can be used freely at the bank.

Since then Towerbank has received tweets suggesting that customers will be able to related their encrypted accounts, like those of Binance, directly to their Towerbank bank accounts, but no official statement has been made.

Grounds in favor of cryptocurrencies have emerged in Panama, but the president announced in May that a cryptocurrency bill would not be passed anytime soon. For some commentators, the gotha The bank’s pro-crypto is not only a way to undermine the reputation of cryptocurrencies, but also to diversify its customer base, expanding into the money-oriented crypto community.

Read also: Paraguay paves way for Cryptocurrency Regulation Despite Internal Opposition

Finally, the bank showed off its bitcoiner credentials when the Twitter account retweeted a meme created by bitcoiner Aldo Antinori. In the tweet, Towerbank’s flagship building, located in the financial district of Panama City, casts a bitcoin-friendly laser eye.

Good luck Aldo! You took it to another level
– Towerbank (@Towerbank) May 27, 2022

Cointelegraph has contacted Towerbank for comments and will update the article as soon as possible.

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