Panama's cryptocurrency adoption is picking up speed. Towerbank, a Panamanian financial institution with over 200 staff and 40 years of banking experience, has proclaimed itself Bitcoin-friendly, allowing crypto accounts to be opened.
The bank has opened the hatches to the crypto community with a series of tweets and releases from a blockchain conference in Panama City, the country's capital. Officials from Towerbank welcomed crypto enthusiasts to create accounts at the bank during a blockchain meetup held by the Chamber of Digital Commerce and Blockchain of Panama on May 26.
According to reports, Towerbank's vice president of marketing, Gabriel Campa, stated that crypto consumers would not face the "hardships" that ordinary Panamanian nationals would face when conducting crypto transactions at the bank.
"Towerbank is crypto-friendly," said Cristobal Pereira, Executive Director of the Latam Blockchain Summit and a participant in the event with Towerbank and Campa. Crypto aficionados can "come to register accounts and deposit withdrawals from exchanges without worry," he said in a tweet. "Hello, crypto enthusiasts!" Towerbank's official Twitter account wrote on May 28, corroborating speculations that the Top 30 Panamanian bank had taken a shine to Latin American crypto fans. Since then, the tweet has been pinned to the profile.
According to reports, cryptocurrency transfers are restricted to $5,000 per month, and the bank does not provide direct crypto-to-crypto services. At present, the movie has been seen as a signal to the crypto community that digital assets worth less than a specific amount can be spent at a bank without difficulty.
Towerbank has already reposted tweets claiming that clients will be able to link their crypto accounts straight to their Towerbank bank accounts, but no official comment has been made.
Although there has been a tsunami of pro-crypto enthusiasm in Panama, the president declared in May that a crypto bill will not be passed anytime soon. According to some analysts, the bank's pro-crypto action is not just a way to improve crypto's image, but also a way to widen its customer base by reaching out to the money-oriented crypto community.
