Panama City’s mayor announced the acceptance of cryptocurrency for taxes and fees, including Bitcoin and USDT, facilitated by a partnership with a bank to convert assets to USD, enhancing local financial strategies. This initiative aligns with a global trend of municipalities adopting crypto payments.
Panama City has announced it will start accepting cryptocurrency payments for taxes and municipal fees, according to Mayor Mayer Mizrachi. This decision, revealed on April 15, aligns Panama City with a growing trend of jurisdictions globally embracing such payment methods. Acceptable cryptocurrencies for transactions will include Bitcoin (BTC), Ether (ETH), USDC, and the Tether USDt stablecoin once the necessary crypto-to-fiat payment infrastructure is in place.
Unlike prior attempts by previous administrations to implement similar measures, Mizrachi stated that the current local government has partnered with a bank. This partnership allows for immediate conversion of any received digital assets into US dollars, circumventing the need for new legislation. This will enable the municipality to accept cryptocurrencies efficiently.
Panama City joins numerous municipalities and states worldwide that accept cryptocurrencies as payment for taxes. These jurisdictions are exploring how to utilise Bitcoin as a strategic reserve, safeguarding public treasuries against inflation while simultaneously promoting pro-crypto policies to attract investment.
