The Panama City Council has made a significant advancement in cryptocurrency adoption by voting to accept Bitcoin and other digital currencies for municipal services. Mayor Mayer Mizrachi announced this decision, highlighting that residents could now pay taxes, fees, and permits in cryptocurrencies like BTC, ETH, USDC, and USDT. This move aims to enhance interactions between citizens and their local government. Notably, the city managed to implement this change without requiring new legislation by partnering with a bank to facilitate transaction conversions from crypto to dollars.
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.
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 $.
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