Panama City's mayor, Mayer Mizrachi, announced on April 15 that the capital will start accepting cryptocurrency payments for taxes, municipal fees, bus tickets, and permits. The city will allow payments in Bitcoin, Ether, Circle's USDC, and Tether's USDt once the necessary payment infrastructure is in place. Previous attempts to pass similar legislation were hindered by requirements to accept only US dollar-denominated funds. To address this, the city has partnered with a bank to convert received digital assets into US dollars instantly. Panama City's move aligns with a global trend of jurisdictions embracing cryptocurrency payments for taxes and exploring blockchain technology for government spending. Other regions, such as Colorado, Lugano in Switzerland, and Vancouver in Canada, have also adopted similar initiatives. Additionally, North Carolina is considering a bill to recognize cryptocurrencies as official forms of payment for taxes. Read more AI-generated news on: https://app.chaingpt.org/news