Chinese cryptocurrency journalist Wu Blockchain announced in his post that the Panama City Council approved a proposal that paves the way for public payments to be made with Bitcoin (BTC) and other cryptocurrencies.
This move was seen as a major step towards the mainstreaming of crypto, making Panama one of the most crypto-friendly cities in Latin America.
According to Panamá Region Mayor Mayer Mizrachi, the Panama City Council has approved a proposal that paves the way for crypto payments that will allow citizens to pay taxes, fees, tickets, and permits using Bitcoin (BTC), Ethereum (ETH), USDC, and USDT.
“The Panama City Council has voted to become the first public institution to accept cryptocurrency payments.
Citizens will now be able to pay taxes, fees, tickets and permits entirely with cryptocurrency, starting with BTC, ETH, USDC, USDT.”
While public institutions are legally required to receive funds in USD, the city will partner with a bank to manage the crypto conversion, eliminating the need for new legislation. A partner bank will convert crypto into US dollars, complying with legal requirements without any new legislation.
*This is not investment advice.
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