The pace of Panama’s adoption of crypto is increasing. Towerbank, a Panamanian bank with more than 200 employees and over 40 years of experience in banking, has declared itself Bitcoin-friendly (BTC), opening the door to crypto accounts.
A series of tweets and leaks resulting from a Blockchain Meetup in Panama City, Panama City, the bank opens the floodgates for the crypto community. Towerbank representatives invited crypto enthusiasts to open accounts at their bank during the Blockchain Meetup hosted by the Chamber of Digital Commerce and Blockchain of Panama.
Reportedly, Gabriel Campa, vice president of product for Towerbank shared that crypto customers would not suffer “setbacks” that-ordinarily-Panamanian citizens would be subject to when executing crypto activities at the bank.
Cristobal Pereira is the Executive Director of Latam Blockchain Summit. He was also a attendee at the meetup with Towerbank, Campa, and shared that “Towerbank crypto-friendly” in a tweet. He stated that crypto enthusiasts “can open accounts and withdraw funds from exchanges without fear.”
Aca en Panama en #meetup con @Towerbank y anuncian que son #crypto friendly, y pueden venir a abrir cuentas y depositar retiros desde exchanges sin miedo… primer banco en Latam que publicamente anuncia esto! Digno de compartir! pic.twitter.com/mVEKFfI8Uf
— Cristobal Pereira (@cristpereirag) May 26, 2022
Towerbank’s official twitter account shared “hello crypto community!” on May 28. This confirmed rumors that the Panamanian Top 30 bank was taking a liking to crypto enthusiasts in Latin America. Since then, the tweet has been pinned to the profile.
!Hola comunidad #Crypto !
Towerbank (@Towerbank), May 28, 2022
According to reports, the bank limits crypto-related transactions to $5,000 per month. The bank does not offer direct crypto to cryptocurrency services. The move represents a signal to crypto communities that digital assets below a certain amount are allowed to be used at the bank without any restrictions.
Towerbank has since retweeted tweets suggesting customers will be in a position to link their crypto accounts (such as Binance) directly to their Towerbank accounts. However, no official statement was made.
Panama has seen a surge in pro-crypto sentiment, but the President declared in May that no crypto bill would be coming soon. Some commentators believe that the bank’s procrypto move is not just a way to destroy crypto’s poor reputation but also to diversify customer base and expand to the money-oriented crypto community.
Related: Paraguay opens the door to crypto regulation despite internal opposition
The bank also proved its Bitcoiner credentials by retweeting a meme by Aldo Antinori. The tweet shows Towerbank’s Panama City flagship structure, which is located in the financial district of Panama City, sporting Bitcoin-appropriate laser eyes.
!Buenisimo Aldo! Te quedo a otro nivel https://t.co/U0waaZtOd4
Towerbank (@Towerbank), May 27, 2022
Towerbank has been contacted by Cointelegraph for comment. We will update the article as soon and as possible.
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