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    Home»Crypto News»Panama's capital to just accept crypto for taxes, municipal charges
    Panama's capital to just accept crypto for taxes, municipal charges
    Crypto News

    Panama's capital to just accept crypto for taxes, municipal charges

    By Crypto EditorApril 17, 2025No Comments2 Mins Read
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    Panama’s capital metropolis will settle for cryptocurrency funds for taxes and municipal charges, together with bus tickets and permits, Panama Metropolis mayor Mayer Mizrachi introduced on April 15, becoming a member of a rising record of jurisdictions globally which have voted to just accept such funds.

    Panama Metropolis will start accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for cost as soon as the crypto-to-fiat cost rails are established, Mizrachi posted on the X platform.

    Mizrachi stated earlier administrations tried to push via comparable laws however failed to beat stipulations requiring the native authorities to just accept funds denominated in US {dollars}.

    In a translated assertion, the Panama Metropolis mayor stated that the native authorities partnered with a financial institution that can instantly convert any digital belongings acquired into US {dollars}, permitting the municipality to just accept crypto with out introducing new laws.

    Panama Metropolis joins a rising record of worldwide jurisdictions on the municipal and state stage accepting cryptocurrency funds for taxes, exploring Bitcoin strategic reserves to guard public treasuries from inflation and passing pro-crypto insurance policies to draw funding.

    Panama's capital to just accept crypto for taxes, municipal charges
    Supply: Mayer Mizrachi

    Associated: New York invoice proposes legalizing Bitcoin, crypto for state funds

    Municipalities and states embrace digital belongings

    A number of municipalities and territories across the globe already settle for crypto for tax funds or are exploring varied implementations of blockchain expertise for presidency spending.

    The US state of Colorado began accepting crypto funds for taxes in September 2022. Very like Panama Metropolis stated it would do, Colorado instantly converts the crypto to fiat.