365Crypto
Panama City is stepping into the crypto era. Starting soon, locals can pay taxes, bus tickets, and permits using digital assets. Mayor Mayer Mizrachi shared the news on April 15.
The city will accept Bitcoin (BTC), Ethereum (ETH), USDC, and USDT. These payments will be converted instantly into US dollars by a partner bank. That way, the city doesn’t need new laws to handle crypto directly.
Past attempts to allow crypto failed because the government could only accept dollars. This new solution skips that problem by handling conversions automatically.
Panama City now joins a growing list of cities worldwide that are opening the door to digital currencies. Some are even stacking Bitcoin as a reserve to protect against inflation.
Other places have done it too. Colorado started accepting crypto for taxes in 2022. Lugano, Switzerland, became famous as a Bitcoin hotspot. Vancouver wants to be Bitcoin-friendly. And North Carolina may legalize crypto for state payments.
Crypto is slowly becoming part of city life. Panama City just took a big step forward.
*Glossary:
Stablecoin: A type of crypto that’s pegged to a stable asset like the US dollar.
Fiat: Traditional government-issued currency, like USD or EUR.*
