Panama City Council Approves Payment of Taxes in Cryptocurrency
Date: 2025-04-17 Author: Oliver Abernathy Categories: IN WORLD
Panama City Mayor Mayer Mizrachi announced the launch of a new initiative that allows city residents to pay taxes using cryptocurrency. According to him, funds received in digital form will be automatically exchanged for US dollars through a partner bank. The name of the financial institution is not disclosed.
Mizrachi emphasized that the implementation of the new system did not require changes to the legislation, since government agencies are required by law to accept payments exclusively in fiat currency. The decision, according to him, became possible thanks to the found scheme of interaction with the bank, which will act as an intermediary in the conversion of cryptocurrencies.
“Previous authorities tried to achieve the implementation of such an idea through the approval of a special bill in the Senate, but we managed to do without it. Today, the Panama City Council became the first government agency in the country to officially allow the payment of taxes in cryptocurrency,” Mizrachi wrote on his page.
This move fits into a larger trend that is sweeping Panama: in March 2025, the country's National Assembly began considering a new bill. The document proposes the possibility for government bodies to invest in digital assets, as well as use blockchain technologies in public administration.
Thus, the capital of Panama is becoming a kind of experimental platform for the introduction of digital finance in the public sphere. The new initiative may serve as an impetus for other cities in the country, as well as influence the acceleration of legislative processes at the national level.
