Panama City just made a big move in the world of cryptocurrency. The city council voted to let people pay for things like taxes, fees, and permits using Bitcoin and other digital currencies!
Crypto Payments Accepted
Mayor Mizrachi announced the news on X (formerly Twitter), saying Panama City is the first government to accept crypto payments for municipal services. Citizens can now use Bitcoin (BTC), Ethereum (ETH), USDC, and USDT. This makes paying for everyday city services much easier.
No New Laws Needed!
Amazingly, the city didn’t need any new laws to make this happen. Previous attempts to pass legislation failed, but the mayor found a simpler way to get it done.
Banking Partnership Makes it Happen
The city partnered with a bank to handle the crypto transactions. The bank will receive payments in crypto and instantly convert them to US dollars, so the city still gets paid in its usual currency. This keeps everything legal and compliant.
The Future is Crypto (Almost!)
The official agreement with the bank will be signed next week at a blockchain conference in Panama. Mayor Mizrachi expects the system to be fully operational soon.
Bitcoin’s Price at the Time of Announcement
At the time of the announcement, Bitcoin was trading around $84,825.