Panama City has made a significant move by officially approving the use of Bitcoin and other digital currencies for the payment of municipal services. This includes taxes, permits, fees, and tickets, reflecting a practical step forward in cryptocurrency adoption at the local government level.
Approved Cryptocurrencies for Payment
According to the resolution passed by the Panama City Council, residents can now use the following digital assets to make payments:
- BTC (Bitcoin)
- ETH (Ethereum)
- USDC (USD Coin)
- USDT (Tether)
Implementation Without New Legislation
Unlike previous national attempts that required comprehensive legal frameworks, this initiative does not involve the creation of new laws. Instead, Panama City formed a partnership with a financial institution that will convert the cryptocurrency payments into U.S. dollars at the point of transaction. This conversion ensures compliance with existing regulations mandating that payments to public institutions be made in fiat currency.
Looking Ahead
The city plans to formalize its agreement with the partner bank during an upcoming blockchain conference. Once signed and implemented, this framework may serve as a replicable model for other municipalities aiming to accommodate crypto payments without overhauling their legal systems.
At the time of the announcement, Bitcoin was trading around $84,825, marking a near 5% increase over the past weekâhighlighting growing public interest in digital currency usage.
For more information, visit the original source:
Bitcoinist.
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