Imagine, you go to pay a tax or fine to the mayor's office, and instead of the usual card or cash, you take out a wallet with bitcoin or USDT — and that's it, the payment has passed. This is how the payment system in Panama City will work soon. The authorities of the capital of Panama have announced that they will start accepting bitcoins, ether and stablecoins (USDC and USDT) as payment for government services — taxes, permits, fees and even tickets.
At first glance, it sounds like something distant and futuristic, but they already have everything ready: Mayor Mayer Mizrahi said that thanks to a partnership with a bank that will convert cryptocurrency into dollars, it is possible to dispense with the adoption of new laws. This is important because similar initiatives have been stuck in the Senate before.
It is not yet clear exactly when everything will work and which other tokens may be included in the list, but the step has already been taken. And, by the way, it is quite in the spirit of the times — cryptocurrencies are increasingly becoming a part of everyday life. For example, El Salvador has long recognized bitcoin as legal tender, and Switzerland allows them to pay in some regions. Even Fiji and Tonga are eyeing this path.
However, not everything is so smooth: in 2022, the president of Panama partially vetoed a bill that was supposed to regulate crypto and DAO. His argument is that first you need to bring everything in line with financial standards. So cryptocurrency friendliness in Panama is not only about enthusiasm, but also a constant search for compromises.
I wonder how convenient and safe it will be for ordinary residents? And will other cities be able to adopt this approach?
Would you pay taxes in crypto if we introduced this?
