Panama City Embraces Crypto for Public Services
panama City has taken a bold step by allowing residents to pay for public services using cryptocurrency. The city council approved this measure,enabling payments in Bitcoin,Ethereum,USD Coin,and Tether.
these crypto payments will cover taxes, permits, and fines. A partner bank will convert the crypto to U.S. dollars instantly, ensuring compliance with legal standards. Mayor Mayer Mizrachi shared, “We found a simple solution without new legislation.”
Residents can now use digital currencies for various services. The bank will handle the conversion to U.S. dollars, ensuring the city receives funds in its official currency. This move supports the crypto economy without overhauling existing laws. Mizrachi explained, “We partnered with a bank to facilitate seamless transactions.”
this initiative differs from El Salvador’s approach, which made Bitcoin legal tender. Panama’s method is optional and integrates with current financial systems. The city avoids the need for new laws,making it a smooth transition. mizrachi noted, “This promotes crypto use without disrupting the existing financial framework.”
Key benefits include:
- Residents can use BTC, ETH, USDC, and USDT.
- It boosts crypto adoption without overwhelming public institutions.
This approach fosters crypto adoption while maintaining financial stability. Panama City sets an example for other regions looking to integrate digital currencies.
