The Panama City Council has approved the use of cryptocurrencies for tax and fee payments, marking a significant step towards crypto integration.
New Opportunities for Panama Citizens
Citizens of Panama can now use Bitcoin (BTC), Ethereum (ETH), as well as stablecoins USDC and USDT to pay taxes, fees, fines, and obtain permits. Mayor Mayer Mizrachi emphasized the significance of this decision for simplifying financial processes.
Process and Bank Partnership
Although public institutions are required to receive funds in US dollars, the city plans to partner with a local bank for cryptocurrency conversion. This will ensure compliance with legal requirements without the need for new legislation.
Impact on the Latin American Cryptocurrency Market
The approval of cryptocurrency use in Panama could influence other countries in the region, positioning Panama as one of the most crypto-friendly investment cities in Latin America. This could increase interest in cryptocurrency adoption in other nations.
Thus, the new measures taken by the Panama City Council could significantly transform financial practices and draw attention to cryptocurrencies in the region.
