Towerbank, among the top 30 banks in Panama, announced Bitcoin-friendly services at an event hosted by the Chamber of Digital Commerce and Blockchain of Panama. Executive Director of the event, Cristobal Pereira, made the initial announcement while Towerbank later confirmed the new offerings.

Towerbank will provide Bitcoin-friendly services as long as customers are able to provide specific documents. According to Towerbank's vice president of product, Gabriel Campa, customers will be required to provide: name, ID card or passport, telephone number, email, activity in which they are engaged, place of work, monthly income, and place of residence.

Campa explained that customers who intend to use these services will be required to provide a whitelisted addresses for the sale and possession of Bitcoin and cryptocurrencies to comply with regulations.

“When customers receive funds as a result of the sale of cryptocurrencies, we need to know the address of the wallet with which the transaction was made. So, if you only have one address, you must inform us at the time of opening the account and if you subsequently change your address, you must also inform us,” Campa explained.

Currently, multiple reports suggest that Towerbank will not initially offer direct bitcoin-to-bitcoin optionality at first. However, Towerbank has retweeted a response that alludes to the future optionality within the institution.

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