Panama takes a big step towards the adoption of the cryptocurrency through the advertisement It will now accept Bitcoin, Ethereum, Stablecoins such as USDC and Tether as public services payments. This step, which is confirmed by the mayor, Mair Mizrashi, aims to simplify the transactions for residents by allowing them to pay taxes, permits, fees and tickets using digital assets.
The city council approved the proposal this week, indicating the acceptance of the increasing city of Panama. To facilitate these payments, the city will cooperate with banks to convert encrypted currencies into Fiat currency, making it easier for the local population to conduct transactions.
While the Panama city’s position developed in digital currencies, the country’s broadest legal environment was more cautious. In 2022, President Lorentino Cortezo has made a bill that sought bitcoin and decentralized organizations, noting concerns about its compatibility with the Panama Financial regime.
Despite the previous resistance, Panama’s last decision follows the global trend to increase the dependence of encryption. Countries such as El Salvador and the Central African Republic have already recognized a legal tender, while some areas in Switzerland have begun to accept cryptocurrencies for public services as well.
