Panama City will start accepting Bitcoin and Ether for payment of taxes and public services

The capital of Panama will allow the use of cryptocurrencies as a method of payment for municipal taxes and fees. The announcement was made by the mayor of Panama City, Mayer Mizrachi, on Wednesday night (16), through a post on the social network X (formerly Twitter).

According to Mizrachi, citizens will be able to pay taxes, parking fines, permits, and other fees using bitcoin (BTC), ether (ETH), and the stablecoins USDC and tether (USDT).

"Previous governments attempted to pass a bill to make this possible, but we found a simple way to do this without the need for new legislation," said the mayor.

The solution found was a partnership with a local banking institution that will process payments in cryptocurrencies, making immediate conversion to US dollars, as required by current legislation.

"This allows the free flow of cryptocurrencies throughout the economy and within the government," highlighted Mizrachi.

The measure marks a significant step in integrating cryptocurrencies into the city's public system and could serve as a model for other jurisdictions interested in adopting decentralized financial technologies.