Chinese cryptocurrency journalist Wu Blockchain announced in a post that the Panama City Council has approved a proposal that paves the way for public payments to be made with Bitcoin, (BTC) and other cryptocurrencies.
The move could make Panama one of Latin America’s most crypto-savvy cities and was hailed as a major step towards crypto mainstreaming.
According to Panamá District Mayor Mayer Mizrachi, the Panama City Council has approved the proposal that paves the way for crypto payments, which allows citizens to pay taxes, fees, tickets, and permits using Bitcoin (BTC), Ethereum (ETH), USDC, and USDT.
"The Panama City Council has voted to become the first public institution to accept payments in cryptocurrency.
Citizens will now be able to pay taxes, fees, tickets, and permits entirely in cryptocurrency, starting with BTC, ETH, USDC, USDT."
While public institutions are legally required to receive funds in USD, the city will partner with a bank to manage the crypto conversion, so there will be no need for new legislation. A partner bank will convert cryptocurrencies into U.S. dollars by complying with legal requirements without any new legislation.
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