The Council of Panama has approved a rule that allows citizens to pay with crypto currencies for municipal services. This development is considered an important step in increasing the use of crypto currency in Latin America. The municipality aims to make it possible to use BTC, ETH, USDC and USDT for taxes, wages, penalties and leave payments.
Payment with Crypto
Mayor Mayer Mizrachi, after the announcement of the application made a statement on social media. In a statement, the previous administrations carried out studies to enact law in the senate, but instead of an alternative solution was expressed. In this method, crypto money payments via the bank will instantly convert to the local currency.
Mayer Mizrachi: “Panama City Council voted to be the first public institution to accept payment with crypto currency. Citizens will be able to pay taxes, wages, penalties and leave payments with BTC, ETH, USDC and USDT.”
With this application, local government adapted to crypto transformation, thus facilitating the use of technological innovations in the daily transactions of citizens.
Cooperation and Application Details
In order to implement the application, cooperation with a authorized bank. The Bank will turn the crypto currencies into the local currency as soon as possible to ensure that the income flow is realized in a regular and transparent way. This method is more advantageous because it saves time with the skipping of the new law.
According to information shared by municipal authorities, the cooperation agreement in the near future is expected to become clear and the process will be activated. In the statements, it was emphasized that citizens can provide easy access to the municipality in a digital environment thanks to this system.
Mayer Mizrachi: “Previous administrations tried to enact the law in the Senate, but we have advanced with a more practical method.”
These statements reveal that the process is produced by using legal gaps.
The implementation of the decision is seen as an important touchstone in the digital transformation process of local government. Citizens can make their payments with digital currencies and benefit in terms of transparency and ease of transaction. This development may also be effective in strengthening the technological infrastructure of public services.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
