Panama City Mayor Mayer Mizrachi hinted at establishing a city-level Bitcoin reserve on May 16, following a meeting with El Salvador's Bitcoin policy leaders. The announcement was made via a cryptic post on X after Mizrachi met with Bitcoiners Max Keiser and Stacy Herbert. This move could potentially allow the use of crypto for public payments within the city.
The timing of Mizrachi's post is notable, occurring 11 days before the Bitcoin 2025 conference in Las Vegas, where he is scheduled to speak. The creation of a Bitcoin reserve would follow a recently approved measure permitting crypto use for public payments, including taxes, fines, and municipal fees. Accepted cryptocurrencies would include Bitcoin (BTC), Ether (ETH), Tether (USDT), and USDC (USDC) once crypto-to-fiat payment rails are established.
To establish a Bitcoin reserve at the federal level, Mizrachi would need to collaborate with Panama's National Assembly to draft legislation. Mizrachi's post follows recent enactments of Bitcoin reserve bills in Arizona and New Hampshire. A post from Keiser suggests discussions about leveraging renewable energy, such as El Salvador's geothermal and Panama's hydroelectric power, to bolster Bitcoin mining operations.
Herbert also noted that Panama City will integrate El Salvador's "What is Money?" financial literacy textbook into its online library system. Ukraine is also reportedly moving towards adopting Bitcoin as a national reserve asset. These developments suggest a growing trend of countries and cities exploring Bitcoin integration into their financial systems.
This article is based on our author's analysis of materials taken from the following resource: Cointelegraph.