In an announcement Thursday, the Panama municipal council officially unveiled, which approved the acceptance of Bitcoin (BTC) and other digital assets for municipal services, including tax, costs and permits.
The Panama Municipal Council vote to embrace Bitcoin and Crypto
Mayer mayer mizrachi announcement The decision on X (formerly Twitter), highlighting the Bitcoin vote of the Council as a pivotal moment for the city. “The Panama municipal council has just voted in favor of becoming the first public institution of the government to accept crypto payments. Citizens will now be able to pay taxes, costs, tickets and permits entirely in crypto, starting with BTC, ETH, USDC and USDT,” said Mizrachi.
This decision represents a major change in the way residents can interact with their local government, allowing transparent transactions using bitcoin and digital currencies for daily expenses.
While announcing this development, the mayor also stressed that this achievement was carried out without the need for new bitcoins and crypto legislationA challenge that had previously hampered similar initiatives in the country.
“Previous administrations have tried to advance a bill in the Senate to make this possible, but we found a simple way to do so without new legislation,” said the mayor of the city of Panama.
Banking contract for cryptocurrency transactions
The approach is to associate with a bank that will deal with transactions, receive payments in cryptocurrencies and convert them into US dollars on site.
This partnership not only facilitates the acceptance of digital currencies, but also ensures compliance with legal frameworks which oblige public institutions to receive funds in dollars. “This allows the free movement of crypto throughout the economy and the whole government,” added Mizrachi.
The office of the mayor of Panama City has also confirmed the news through its official social networks, declaring: “We will soon become the country’s first public institution to allow the payment of municipal services in cryptocurrency, through an authorized bank which will be responsible for converting the product into dollars for the mayor’s office.”
For the future, Mayor Mizrachi revealed that the agreement with the banking partner should be finalized next week. “The agreement is signed next week at the Blockchain conference in Panama. Look for the signing of the agreement next week,” he noted.
During writing, BTC is negotiated at $ 84,825, almost 5% within the weekly time after a sharp decline around 75,700 last week. Currently, the main cryptocurrency on the market is 22% below its summit of all time reached in January of this year.
Dall-e star image, tradingView.com graphic
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