Chinese cryptocurrency journalist Wu Blockchain announced in his post that it has approved a proposal by the Panama City Council to open a way to make public payments in Bitcoin (BTC) and other cryptocurrencies.
The move is seen as a major step towards mainstreaming cryptography, making Panama one of the most crypto-friendly cities in Latin America.
According to Mayor Mizrachi of the Panama Region, the Panama City Council has approved a proposal that paves the way for crypto payments that will allow citizens to pay taxes, fees, tickets and permits using Bitcoin (BTC), Ethereum (ETH), USDC and USDT.
“The Panama City Council voted to become the first public institution to accept cryptocurrency payments.
Citizens can pay taxes, fees, tickets and permits in cryptocurrencies entirely, starting with BTC, ETH, USDC and USDT. ”
Public agencies must legally receive USD funds, but the city will partner with banks to manage crypto conversion and eliminate the need for new laws. Partner banks will comply with legal requirements without new laws and convert crypto into US dollars.
*This is not investment advice.
