Superintendency of Banks warns of cryptocurrency risks

Economy

The activity of exchange, investment, purchase and sale in general bitcoin, does not have a specific regulation

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 our country the use of cryptocurrencies is not restricted and there are a couple of companies dedicated to the exchange of this instrument.

READ MORE;http://elsiglo.com.pa/economia/superintendencia-bancos-advierte-riesgos-criptomonedas/24060032

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