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  HOME | Central America

Panama’s Leading State-Owned Bank Warns of Risk of Cryptocurrencies

PANAMA CITY – The general manager of Panama’s leading state-owned bank sought on Thursday to discourage people from putting money into cryptocurrencies, saying no government regulation exists to protect those who invest in those digital assets.

“There’s a novelty and fascination with cryptocurrencies, but I don’t recommend them for anyone. In Panama, there are no parameters of responsibility. It’s better that we wait a bit,” Rolando de Leon said in presenting the Banco Nacional de Panama’s 2017 earnings.

Regulations must be created “that ensure investor confidence,” De Leon said, adding that an ongoing pro-cryptocurrency campaign in Panama was cause for concern because “it’s 100 percent at your own risk.”

“If someone asks me, I tell them that if they have money to lose it’s their responsibility. There’s no legislation to protect you.”

“We need to be cautious. We have to remember the dot.com crisis in 2000 and the (subprime) mortgage crisis in 2008. We need to be very careful,” said De Leon, who added that he would look into who is behind the campaign to promote cryptocurrencies in Panama.

 

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