Bitcoin in Panama: how to buy, sell and spend your cryptocurrencies in the city.
The market for buying and selling bitcoin in Panama has increased in recent years, consolidating with the installation of more than eleven ATMs and two exchange houses. Restaurants, bars and even a line of taxis are some of the businesses that accept bitcoins as a payment method.
Due to the increase in popularity of cryptocurrencies in Panamanian territory, it is important that users are informed and know how to take advantage of all the options. This article compiled all the necessary information so that residents and visitors know how to use their bitcoins in Panama.
Cryptocurrency exchange houses in Panama
Panama is one of the countries in Central America with the largest offer of buying and selling bitcoin. The nation has several platforms for the exchange of cryptocurrencies person to person, as well as exchange houses and ATMs that operate throughout the region.
Panda Exchange is one of the exchange houses that accepts deposits in balboas for the purchase and sale of bitcoins. The company, of Colombian origin, also markets ethers, DAI and bitcoin cash under a commission of 0.5% for any activity carried out on the platform. Users must register their personal data in order to operate in Panda Exchange, following the money laundering regulations (AML) and know your customer (KYC).
BitPoint, on the other hand, is one of the exchange houses that has been operating in Panamanian territory for the longest time. It is a branch of the Japanese cryptocurrency exchange platform BitPoint Japan. Users can buy or sell bitcoins, bitcoin cash, litecoins, ripple and even ether. Commissions on this platform vary depending on the service, charging five dollars per deposit, 10 dollars per withdrawal and a 0.5% fee for each cryptocurrency transaction.
Other ways of buying and selling bitcoin in Panama
For those who prefer to exchange their cryptocurrencies person to person, there are also two P2P platforms that work with balboas throughout Panama. LocalBitcoins is the best known, given that this company is affiliated with more than 248 countries.
In the case of Panama, the volume of commercialization of bitcoins in this platform is not as large as other Latin American countries, such as Venezuela, Colombia and Argentina. However, users can get more than a dozen offers to exchange bitcoins for bank transfers. Panama City is the most active sector in the entire nation, according to statistics from LocalBitcoins, exceeding 2,000 active users.
Paxful is the other person-to-person platform that works for residents and visitors of Panama. Users have to register on the platform to operate. Also, the service allows you to make purchases of bitcoins with credit cards, Paypal, bank transfers and MoneyGram.
Panama is the fifth country in Latin America with the largest number of bitcoin ATMs (BTAM) installed in its territory. The nation has 11 BTAMs, all concentrated in the capital, Panama. Two of these ATMs are located around the Albrook International Airport «Marcos A. Gelabert». The Picasso restaurant located in Coronado Beach and the Sortis Hotel are other places where you can buy bitcoins with cash.
Options to use bitcoin in Panama
Panama, the capital, not only stands out for its concentration of bitcoin ATMs, but also for owning a large number of businesses that accept cryptocurrencies as a payment method. According to Coin Map figures, the city now has more than 24 stores that accept the cancellation of its products with BTC.
On Balboa Avenue you can get two restaurants that accept bitcoins: Nomada Cuisine & Lounge and Unagi Fusion. The first, food specializes in Mediterranean dishes, beers and cocktails. Unagui Fusion, on the other hand, is a sushi and Asian food restaurant.
The Zaza Lounge bar, located on Central Avenue, also accepts bitcoins for a few months. The Viajes Olé agency and the Cejas y waxes beauty salon are other businesses that use cryptocurrencies as a payment method.
Last but not least, a line of private taxis also accepts bitcoin payments from residents and tourists. Amber Moon Panama Taxi is a company that offers both city transfers and private tourist tours.
Bitcoin regulation in Panama
The government of Panama has maintained a neutral stance regarding the use of cryptocurrencies in the country. The authorities have not made public any position in favor or against the sale of bitcoin in Panama, although warnings have been issued.
The Superintendency of Banks of Panama published a statement last year confirming that cryptocurrencies do not have a specific regulation in the territory. Bitcoin is not prohibited in Panama, but no state agency oversees activities related to this cryptocurrency.
Because of this, they pointed out that all users who use or invest in bitcoins do so at their own risk. They also recommended that all residents advise on the use of cryptocurrencies before getting involved in this market.
Other approaches to cryptocurrencies
In 2017, the Panamanian government made several approaches to the development of blockchains technologies. For example, the country’s first Fintech incubator was released mid-year.
The Government Innovation Authority, the National Secretariat of Science, Innovation and Technology and several banks in the region were the main promoters of this initiative. The incubator sought to boost the development of several projects related to financial technologies, including some that used blockchains technologies.
The National Bank of Panama also completed a project with the R3CEV consortium in 2017. The initiative was one of the first government approaches to start studying blockchains technologies in financial use cases.
Banesco Panama is also one of the financial institutions of this nation that has decided to test Ripple’s international transfer systems, carrying out proofs of concept with blockchain. Likewise, Panama City has hosted conferences related to the cryptocurrency and blockchain ecosystem.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.