Panama City Goes Crypto: The Wild West of Public Payments!

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Well, gather ’round, folks, for Panama City has taken a leap into the digital frontier, approving a measure that allows its fine citizens to pay for public services with that fancy newfangled thing called cryptocurrency. Yes, you heard it right! 🤑

The city council, in a fit of modernity, decided to let folks settle their debts in Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT). Why, you can now pay your taxes, permits, and even those pesky fines with a mere click of a button! Ain’t that a hoot? 🤠

Now, don’t you fret, dear reader! A partner bank will swoop in like a knight in shining armor to convert all that crypto into good ol’ U.S. dollars at the time of payment. This way, they comply with the law without having to bother with all that pesky new legislation. Talk about a clever workaround! 🏦

“Previous administrations tried to push a bill in the senate to make this possible, but we found a simple way to do it without new legislation,” proclaimed Panama City’s Mayor, Mayer Mizrachi, with a twinkle in his eye. “Legally, public institutions must receive funds in dollars, so we partner with a bank who will take care of the transaction, receiving in crypto and converting on the spot to dollars. This allows for the free flow of crypto in the entire economy and government!” Well, bless his heart! 💰

🇵🇦 Panama City council has just voted in favor of becoming the first public institution of government to accept payments in Crypto.

Citizens will now be able to pay taxes, fees, tickets, and permits entirely in crypto starting with BTC, ETH, USDC, USDT @APompliano @aantonop…

— Mayer Mizrachi (@Mayer) April 15, 2025

This shiny new system gives residents a way to use their crypto for everyday transactions with the government, all while ensuring the city still gets its payments in the official currency. It’s like having your cake and eating it too! 🎂

Moreover, it gives Panama’s crypto economy a chance to grow without every institution having to juggle those digital assets directly. A smart move, if I do say so myself!

Now, this approach is a tad different from El Salvador’s grand scheme, which made Bitcoin legal tender back in 2021. Panama’s model is more like a buffet—optional and focused on compatibility with the existing financial systems. So, grab your forks, folks, and dig in! 🍽️

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2025-04-16 17:48