In one more milestone for Bitcoin adoption in Latin America, the Panama Metropolis Council has voted to approve the acceptance of Bitcoin and different digital currencies for municipal companies, making it the primary public establishment within the nation to take action.
The information was introduced by Panama Metropolis Mayor Mayer Mizrachi on X (previously Twitter), who stated:
“Panama Metropolis council has simply voted in favor of changing into the primary public establishment of presidency to simply accept funds in Crypto. Residents will now have the ability to pay taxes, charges, tickets and permits fully in crypto beginning with BTC, ETH, USDC, USDT.”
This resolution units Panama Metropolis on a extra progressive path, enabling residents to work together with their native authorities utilizing Bitcoin for on a regular basis transactions. Mizrachi additionally explained how this was achieved with out the necessity for brand spanking new laws, a hurdle that had stalled earlier efforts.
“Prior administrations tried to push a invoice within the senate to make this attainable, however we discovered a easy technique to do it with out new laws. Legally, public establishments should obtain funds in $, so we companion with a financial institution who will handle the transaction—receiving in crypto and convert on spot to $. This enables for the free movement of crypto in all the economic system and whole authorities.”
The Panama Metropolis Mayor’s Workplace additional confirmed the information on its official social media channels, saying:
“We are going to quickly develop into the primary public establishment within the nation to permit fee for municipal companies in cryptocurrency, by means of a licensed financial institution that will likely be chargeable for changing the proceeds into {dollars} for the Mayor’s Workplace.”
Mayor Mizrachi additionally revealed that the settlement with the banking companion will likely be finalized next week:
“Deal’s being signed subsequent week on the Blockchain conf in Panama. Look out for signing of the deal subsequent week.”