Cryptocurrency: Panama Approves Tax Payments

Panama City Pioneers Crypto Payments for Government Services

• Panama City council approved the use of Bitcoin, Ethereum, USDC, and USDT for taxes and fees.
• The initiative avoids new legislation by partnering with a bank to convert crypto to USD in real-time.
• Mayer Mizrachi, a council member, announced Panama City as the first government entity to adopt crypto payments.
• Previous attempts to integrate crypto payments faced legislative challenges.

Panama City has become the first government entity to accept cryptocurrencies like Bitcoin and Ethereum for tax payments, leveraging a bank partnership to convert these into U.S. dollars instantly.