Panama City Goes Crypto-Crazy: Residents Can Now Pay Taxes in Bitcoin and More!

City Council Votes to Accept Crypto for Public Services

Hang onto your hats, crypto fans! Panama City just rocked the world by approving a mind-blowing measure that lets residents ditch traditional cash and pay for public services with cryptocurrency. That's right, you can now settle your taxes, permits, and fines using Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT).

Here's the deal: a partner bank will instantly convert your crypto to U.S. dollars at the time of payment, keeping everything smooth and legal without the hassle of new legislation.

Mayor Mayer Mizrachi couldn't contain his excitement, posting, "Prior administrations tried to push a bill in the senate to make this possible, but we found a simple way to do it without new legislation. Legally public institutions must receive funds in $, so we partner with a bank who will take care of the transaction receiving in crypto and convert on spot to $. This allows for the free flow of crypto in the entire economy and entire government."

🇵🇦 Panama City council has just voted in favor of becoming the first public institution of government to accept payments in Crypto. Citizens will now be able to pay taxes, fees, tickets, and permits entirely in crypto starting with BTC, ETH, USDC, USDT.

A New Era for Crypto Transactions in Panama

This groundbreaking system isn't just about paying your dues; it's about revolutionizing how residents use crypto for everyday transactions with the government. And don't worry, the city will still get its payments in the official currency.

This move is a game-changer for Panama's crypto economy, giving it room to grow without forcing every institution to manage digital assets directly. It's a fresh approach that's all about flexibility and growth.

Unlike El Salvador's bold move to make Bitcoin legal tender in 2021, Panama's model is optional and designed to play nice with existing financial systems. It's a smart, forward-thinking strategy that could set the stage for even more crypto-friendly policies in the future.