The Panama City Council has allowed payments of taxes and fees using cryptocurrencies such as Bitcoin and Ethereum. This policy, initiated by Councilman Mayer Mizrachi, was implemented without new legislation by partnering with a bank for instant conversion to U.S. dollars. This decision reflects a growing global trend towards cryptocurrency adoption.
The Panama City Council has approved a new policy that enables citizens to pay taxes, fines, fees, and permits using cryptocurrencies. This decision, driven by Councilman Mayer Mizrachi, marks a significant shift in municipal finance, reflecting the growing acceptance of digital currencies in public transactions.
The policy encompasses well-known cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDC and USDT. Mizrachi noted this advancement was possible without new legislation, unlike previous unsuccessful attempts. A partnership with a bank allows the local government to accept cryptocurrencies and convert them instantaneously into U.S. dollars, ensuring compliance with national monetary regulations.
Mizrachi hailed this approach as a blueprint for integrating cryptocurrencies into governmental frameworks, asserting that it facilitates the unrestricted circulation of digital currencies throughout the economy and government structure.
This initiative is part of a broader trend towards cryptocurrency adoption globally, encouraged by political leaders such as U.S. President Donald Trump, who campaigned on pro-crypto policies. His administration has made various strides in supporting cryptocurrency, including establishing a Bitcoin reserve and appointing a dedicated crypto czar, which has inspired other nations to consider similar advancements in digital asset integration.
