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Panama’s Bitcoin Bank makes trending news in the country!

Bitcoins continues to spread its boundaries across the globe.

Picture Credits: Outlook India

Today, the one cryptocurrency which has been the center of attraction across the globe is bitcoin. Bitcoin has surely spread its boundaries across the globe and has had a revolutionary effect on the financial industry in various countries. US’s financial sector has been majorly influenced by Bitcoins. After the developments from El Salvador, Paraguay and Central African countries, bitcoin has started its reign in Panama. Panama happens to be a country linking Central and South America. The law makers in Panama went on to create a law which would allow the use of bitcoin and 8 other cryptocurrencies in the country with out any limitations. The government looks to form a statutory body to regulate the functioning of cryptocurrencies in Panama.

Panama’s Bank in support of Bitcoin!

Towerbank, which is ranked among the 30 top financial institutions in Panama, announced that it is going to be bitcoin friendly and can be termed as the “Bitcoin Bank.” The officials of the bank are inviting the bitcoin investors to open accounts in the bank with out complexities. They also promise to ensure that, the bitcoiners do not face any kind of problems such as blockages, closures or other setbacks that the Panamanian citizens generally face while carrying out the operations of cryptocurrencies.

Bank’s role in curbing crypto frauds!

From Rodrigo Icaza’s (Secretary General of the Chamber of Digital Commerce and Blockchain of Panama) point of view, the banking platform for bitcoins will provide the cryptocurrencies a platform to trade with minimal cyber-crimes and frauds. He went on to add that, Banking according to him can play a key role in preventing these frauds and help the cryptocurrencies market to grow in the country.

Panama’s bitcoin bank!

The Towerbank in Panama, which is officially trending as the bitcoin bank has a lot to offer to the bitcoiners with less complexities. Gabriel Campa said that Towerbank only needs necessary steps to be carried out and a few documents from the investors of bitcoin to open the accounts in the bank. Through the bank, the bitcoiners and other crypto investors will be able to switch fiat currencies and other service providers without any hitch.

Writer’s report.

As technology is advancing in all fronts in today’s world, the financial sector is no different. Bitcoin, a type of cryptocurrency is certainly revolutionizing the financial sector across various countries around the globe. There is some good news for the financial industry as the cryptocurrency is taking its charge and promises to show a lot of optimistic results in the future.

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