Panama City to Accept Cryptocurrency Payments for Taxes, Licenses, and Fines

BlockBeats News, April 17th, the Panama City Government has approved the use of cryptocurrency to pay taxes, fees, fines, and license fees. According to local media confirmation, the city will accept Bitcoin, Ethereum, USDC, and USDT.

The city of Panama has now joined the ranks of other global cities that allow cryptocurrency for municipal payments. Mezrach stated that the Panamanian capital will implement this policy through collaboration with a partner bank, without the need for new legislation, as the bank will convert the cryptocurrency to the US dollar during the payment process. Similar to El Salvador, the US dollar is the official currency in Panama.

Mezrach said, "Previous governments tried to push a bill through the Senate to achieve this goal, but we found a simple way without the need for new legislation. By law, public institutions must receive funds in dollars, so we partnered with a bank that is responsible for receiving cryptocurrency and instantly converting the transaction into dollars. This allows cryptocurrency to freely circulate throughout the economy and the entire government."