Panama City Approves Crypto Payments for Taxes and City Fees
Panama City will now allow residents to pay taxes and various city fees using cryptocurrencies, according to the city's mayor.
Key Information
The Mayor of Panama City, Mayer Mizrachi, announced that residents will soon be able to settle taxes, parking fees, and permits through cryptocurrencies including Bitcoin (BTC), Ether (ETH), and stablecoins such as USDC and Tether (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,” said Mizrachi on X. “Legally public institutions must receive funds in dollars, so we partnered with a bank that will handle the transaction by receiving crypto and converting it to dollars on the spot.
“This allows for the free flow of crypto within the entire economy and government,” he added.
For more detailed information, view the article on CoinDesk.
