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Panama City Council has made history as the first-ever public government body to accept crypto for official payments, following years of legislation back-and-forth.
Crypto enthusiasts in Panama City are filled with optimism following the city’s decision to accelerate crypto adoption in the economy. The city council voted in favour of this, allowing a partnership with banks to facilitate crypto transactions.
The financial hub of Latin America uses the U.S dollar as a legal tender while hosting over 70 international banks. According to Mayer Mizrachi on X (formerly Twitter):
Panama City council has just voted in favor of becoming the first public institution of government to accept payments in Crypto. Citizens will now be able to pay taxes, fees, tickets and permits entirely in crypto starting with BTC, ETH, USDC, USDT.
Adding to its favourable tax regulations, using crypto for official payments is a boost to crypto adoption globally. With big global financial institutions integrating crypto payments in the city, the market could see this ripple to other cities where they operate.
