City Panama Votes for approving CRIPTO Payments for Public Services

The city of Panama has approved a measure that enabled residents to pay public services using cryptocurrency.

Town council voted To allow payments in Bitcoin (Btc), Etherum (El), Coins USD (USDC) and Tether (USDTT) For services such as taxes, permits and fines.

The partnership bank will convert crypto to US dollars at the time of payment, in accordance with legal requirements without the adoption of new legislation.

“Previous governments tried to push an account in the Senate to enable this, but we have found a simple way to do this without new legality,” Panama mayor was reported by Panama City Maier Mizrachi. “Legally public institutions must get funds in $, to partner with the bank that will take care of the transaction that has received into the crypto and convert to place to $. This allows the free flow of crypting throughout the economy and the entire government.”

The new system gives the residents of a way to use the crypt for daily transactions with the government, while paying the city still receives payments in their official currency.

It also gives the Panamine Crypton’s economic room to grow without the need for each institution to directly manage digital property.

This step differs from El Salvador approachmade by bitcoin legal tender in 2021. years. Panamain Model is optional and focused on compatibility with existing financial systems.