Panama City Council is scheduled to accept the coded currency payments for taxes, fees, tickets and permits.
The decision, announced on April 16, is an important step in integrating digital currencies in Panama into daily public services. The city will initially accept major cryptocurrencies such as Bitcoin (BTC), ETHEREUM (ETH), as well as stablecoins such as US dollar (USDC) and Tether (USDT).
Unlike previous efforts, as attempts to advance similar legislation failed in the Senate, the city found a creative solution to overcome the need for new laws.
According to the official advertisement By Mayor Mayer Mizrashi Matalon on X, public institutions must obtain money in US dollars. However, through partnership with a local bank, you will deal with Panama City transactions with encryption transactions by converting payments into dollars immediately. Mizrashi added that this partnership guarantees that the cryptocurrency can flow freely within the economy and the government while maintaining legal compliance.
“The Panama City Council has just voted in favor of becoming the first public institution of the government to accept payments for encryption.”
This last development comes in the wake of a proposed organizational framework for encrypted currencies, unveil By the Panama government earlier this year. the Draft It aims to regulate digital assets and create a legal structure for Blockchain services, and place them in Panama as a leader in creating technology in Latin America.
In addition to cryptocurrencies such as Bitcoin and Ethereum that are officially recognized for transactions, the frame also provides licensing requirements for virtual asset service providers (VASPS), such as exchanges and portfolios, and imposes a strict compliance of anti-money (AML) and the knowledge of You-Customer.
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