In one more milestone for Bitcoin adoption in Latin America, the Panama Metropolis Council has voted to approve the acceptance of Bitcoin and different digital currencies for municipal companies, making it the primary public establishment within the nation to take action.
The information was introduced by Panama Metropolis Mayor Mayer Mizrachi on X (previously Twitter), who stated:
“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.”
This choice units Panama Metropolis on a extra progressive path, enabling residents to work together with their native authorities utilizing Bitcoin for on a regular basis transactions. Mizrachi additionally explained how this was achieved with out the necessity for brand new laws, a hurdle that had stalled earlier efforts.
“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 $. This allows for the free flow of crypto in the entire economy and entire government.”
The Panama Metropolis Mayor’s Workplace additional confirmed the information on its official social media channels, saying:
“We will soon become the first public institution in the country to allow payment for municipal services in cryptocurrency, through an authorized bank that will be responsible for converting the proceeds into dollars for the Mayor’s Office.”
Mayor Mizrachi additionally revealed that the settlement with the banking associate will probably be finalized next week:
“Deal’s being signed next week at the Blockchain conf in Panama. Look out for signing of the deal next week.”
