Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Panama City council greenlights crypto payments for tax, public services

Share This Post

Panama City will begin accepting Bitcoin (BTC), Ethereum (ETH), and popular stablecoins such as USDC and USDT for public service payments, including taxes, fees, permits, and fines, in a move that positions the capital as a regional pioneer in crypto adoption.

Mayor Mayer Mizrachi Matalon announced the initiative on April 16 and called it a “historic vote” by the city council to modernize public finance and expand access to decentralized payment options.

The change is set to take effect through a partnership with a local banking institution that will instantly convert incoming crypto payments into US dollars, which remains the only legal tender authorized for government transactions in Panama.

The mechanism allows Panama City to sidestep a national legal hurdle: under Panamanian law, government agencies must transact exclusively in US dollars.

By integrating a real-time conversion system through the bank, the city maintains legal compliance while allowing crypto usage at the front end. This workaround enables a de facto crypto payment system without requiring approval from the national legislature.

Crypto legislation

The announcement comes as the Panamanian government continues to debate a long-delayed national crypto bill

First introduced in 2022, the bill has been revised multiple times over the years. The proposed legislation would establish a legal framework for blockchain innovation and digital asset use across the country.

However, it has faced repeated obstacles in the Senate, particularly concerning constitutional concerns and the role of the central bank.

The latest version of the draft bill, unveiled earlier this year, seeks to regulate Virtual Asset Service Providers (VASPs), including exchanges and digital wallets while enforcing stringent anti-money laundering (AML) and know-your-customer (KYC) rules.

The framework also outlines guidelines for using blockchain in legal and financial services, including tokenized securities, smart contracts, and decentralized platforms.

Panama City’s move could act as a pressure point for broader adoption of the crypto bill, demonstrating the feasibility of integrating digital assets into existing financial systems without risking legal non-compliance..

The city has not disclosed which payment providers or wallets will be supported, but local authorities said further guidance would be released before the program’s full rollout later this year.

The post Panama City council greenlights crypto payments for tax, public services appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Vivek Ramaswamy’s Strive makes bold move as first NASDAQ Bitcoin treasury company

Strive Asset Management has agreed to merge with Asset Entities Inc, setting the stage for a bold transition into a Bitcoin-focused treasury company According to a May 7 statement, the deal will see

Xpfinance Secures a $200,000 Seed Funding to Launch a Non-Custodial Lending Platform on the Ripple ($XRP) Ledger

This content is provided by a sponsor PRESS RELEASE Xpfinance, an innovative decentralized finance (DeFi) startup building on Ripple’s XRP blockchain, has successfully closed a $200,000 seed

Etherscan Unveils EIP-7702 Tracking as Ethereum’s Pectra Upgrade Goes Live

Etherscan has launched monitoring tools for EIP-7702 authorizations following Ethereum’s Pectra upgrade, which introduced 11 improvement proposals to bolster scalability, security, and user

Solana Struggles to Reach $150 Despite Growing Fundamentals! Here’s Why.

The post Solana Struggles to Reach $150 Despite Growing Fundamentals! Here’s Why appeared first on Coinpedia Fintech News The Solana price is juggling around a narrow range after triggering a

MoonPay Enters Strategic Collaboration with TRON

Geneva, Switzerland, May 7, 2025  – TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications

Solana Faces On-Chain Weakness After $150 Rejection: Is a Price Pullback Ahead?

The post Solana Faces On-Chain Weakness After $150 Rejection: Is a Price Pullback Ahead appeared first on Coinpedia Fintech News The crypto market has become more unpredictable as investors wait for