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 said:
“Panama Metropolis council has simply voted in favor of changing into the primary public establishment of presidency to just accept funds in Crypto. Residents will now be capable to pay taxes, charges, tickets and permits completely 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 defined how this was achieved with out the necessity for brand new laws, a hurdle that had stalled earlier efforts.
“Prior administrations tried to push a invoice within the senate to make this doable, however we discovered a easy method 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 permits for the free movement of crypto in the whole financial system and full authorities.”
The Panama Metropolis Mayor’s Workplace additional confirmed the information on its official social media channels, saying:
“We’ll quickly grow to be the primary public establishment within the nation to permit cost for municipal companies in cryptocurrency, via a certified financial institution that will probably be answerable for changing the proceeds into {dollars} for the Mayor’s Workplace.”
Mayor Mizrachi additionally revealed that the settlement with the banking companion will probably be finalized subsequent week:
“Deal’s being signed subsequent week on the Blockchain conf in Panama. Look out for signing of the deal subsequent week.”
