Panama City has officially adopted cryptocurrency as a method for settling municipal taxes and fees.

Following a city council vote, residents can now use Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT) to pay for services such as taxes, licenses, and fines.

Mayor Mayer Mizrachi announced the initiative, highlighting that while cryptocurrencies will be accepted, all funds will be converted to U.S. dollars upon receipt. To facilitate this, the city has partnered with a banking institution to handle the conversion process.

This move positions Panama City as a leader in cryptocurrency integration within municipal operations, potentially influencing other cities to consider similar approaches. ​

^{BitcoinVersus.Tech Editor’s Note:}

^{We volunteer daily to ensure the credibility of the information on this platform is Verifiably True. If you would like to support to help further secure the integrity of our research initiatives, please donate here}

BitcoinVersus.tech is not a financial advisor. This media platform reports on financial subjects purely for informational purposes.