Panamanian Bank Towerbank Turns “Bitcoin-Friendly”

  •  Bitcoin withdrawn from exchanges could be deposited staying with you accounts. 
  •  As of now, the financial institution doesn’t provide any direct crypto-based services.

Towerbank, among the top banks in Panama, has became a member of their email list of “crypto-friendly banks” which have voiced their support for Bitcoin adoption. Initially, these details was revealed unofficially following a blockchain meetup involving Towerbank and spread major anticipation one of the Panamanian crypto community. 

Cristobal Pereira, executive director of LatAm blockchain summit, unveiled through his tweet the announcement of Towerbank regarding its transformation right into a crypto-friendly institution supporting bitcoin deposits.

Indirect Integration of Crypto Assets With Bank

The Panamanian Bank confirmed its connection to the crypto community inside a tweet on Saturday. It enabled users to transact cryptos having a monthly limit of $5,000 USD.

Gabriel Campa, V . P . of Towerbank, described:

“They must only present the next needs: name, ID card or passport, phone number, email, activity that they are engaged, workplace, monthly earnings, and home.”

To determine more security and also to avoid fraudulent activities, Campa mentioned the bank demands its clients to supply data associated with their Bitcoin addresses that they’ve traded on crypto exchanges. The 40-year-old bank hasn’t formally announced any statements concerning the linking from the crypto accounts towards the accounts. 

The Panama Crypto Bill, which may legalize Bitcoin wholly in the united states, continues to be on hold through the Panamanian President Cortizo who’s intending to veto this legislation. He fears this crypto regulation might worsen the cash washing (ML) activities in america. 

As reported by the March 2022 report from Financial Action Task Pressure (FATF), Panama shows up underneath the “grey list” among 22 other nations which are deficient in addressing ML. This toughens the path of crypto legislation in america.

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