Panama city to accept cryptocurrency for public services

Panama City is set to accept cryptocurrencies as payment for public services. The city council recently approved a proposal allowing local offices to accept crypto payments. This move signals a growing crypto-friendly attitude among Panamanian lawmakers. Residents will be able to pay for taxes, tickets, permits, and fees using digital assets. Initially, the accepted cryptocurrencies will include Bitcoin, Ethereum, USDC, and Tether (USDT) stablecoins. The city plans to partner with banks to convert these digital assets into fiat currency. This decision comes amid increasing global adoption of digital assets. El Salvador and the Central African Republic have already recognized Bitcoin as legal tender. Other regions, like Switzerland, have also begun accepting Bitcoin for specific public services.