On Thursday, the Panama City Council approved the use of Bitcoin and other digital assets for municipal services. This includes taxes, fees, and permits, marking a significant step for cryptocurrency adoption in the region.
Mayor Mayer Mizrachi announced the decision, highlighting that citizens can now pay using BTC, ETH, USDC, and USDT. The initiative bypasses the need for new legislation by partnering with a bank that converts crypto to US dollars.
The agreement with the banking partner is expected to be finalized next week at the Blockchain conference in Panama. Currently, BTC is trading at $84,825, up nearly 5% from last week's low of $75,700, but still 22% below its all-time high from January.