Panama Municipal Services will soon be able to be Paid in Cryptocurrency: Mayor Mayer Mizrachi
An authorized bank will be responsible for converting the proceeds into dollars for the Mayor’s Office. Mayor Mayer Mizrachi is driving the technological transformation of the City Hall.
The mayor of the Panama District, Mayer Mizrachi pictured below, announced this Tuesday that the municipality he leads will become the first public institution in the country to allow payment for services with cryptocurrencies. This new payment format will be added to the system after the City Council approved it today. According to the mayor, an authorized bank will be responsible for converting the income into dollars for the Mayor’s Office. “My dear City Council has unanimously approved an initiative initiated by the Mayor’s Office, which will allow all citizens to pay their obligations and taxes in crypto,” Mizrachi explained.
According to the mayor, Central America’s financial mecca was lagging behind on this issue. “Legally, it’s simple: the Mayor’s Office receives dollars, but there’s an intermediary who receives the crypto, transforms it into dollars, and takes it to the Mayor’s Office,” he added. Mizrachi said that once they have formalized the agreement with the bank, an official announcement will be made. “This allows for the free movement of cryptocurrencies throughout the economy and throughout government,” he said.
