The Superintendency of Banks of Panama warns of risks in the use of cryptocurrencies
The Superintendency of Banks of Panama (SBP) warned today about the precaution and adequate advice that must be taken for the use of cryptocurrencies such as bitcoin, as well as others of the same category that do not fall within its competence as regulator.
The SBP indicated that "understanding that it is a relatively new issue, we note that the activity of exchange, investment, purchase and sale in general bitcoin or any other instrument of the same category, has no specific regulation."
"In that sense, we must clarify that the activities developed through this or another instrument of that category do not fall within the competence of this Superintendency," the regulatory entity added in a public statement.
He also urged those interested "to know about the risks associated with the acquisition of this type of instruments with the intention of using them, in our country, as an investment or as a means of payment".
Similarly, the SBP warned that "the subjects regulated by this Institution, to date, have not requested authorization to guard, invest, intermediate or operate with these instruments."
However, he stressed that, as usual, "regulated companies will maintain due diligence measures to prevent the improper use of their services and platform, in accordance with the provisions of the Banking Law" and other applicable regulations.
In Panama, the use of cryptocurrencies is not restricted and there are a couple of companies dedicated to the exchange of this instrument.
In January, the German Stefan Krautwald, creator of the Panamanian company Fluz Fluz, said in an interview with Efe that cryptocurrencies are safe, lower costs, are transparent and do not lend themselves to corruption.
Krautwald registered in Panama the Fluz Fluz digital network, a consumer application, but, "by size of the market", it started operations in Colombia and is preparing to take its leap to conquer "all" of the United States in July.
Fluz Fluz offers to acquire cryptocurrencies for use in any of the affiliated businesses, minimum with the purchase of two products per month, which generates discounts and points to the consumer, which in turn benefits if the people who invite to participate in the network maintain the same rhythm of acquisitions.
Krautwald explained that, due to market size, it is not yet planned to open operations with affiliated businesses in Panama, and noted that "in each country where we operate physically, we accept the existing tax regime and regulations, with transparency"