Panama Moves to Let Citizens Use Bitcoin Freely

Panama Moves to Let Citizens Use Bitcoin Freely
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Panama Moves to Let Citizens Use Bitcoin Freely

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This progressive step positions Panama as a potential leader in cryptocurrency adoption in Latin America.

Unlike El Salvador, which made Bitcoin legal tender, Panama’s proposed bill focuses on voluntary adoption. It recognizes cryptocurrencies like Bitcoin, Ethereum, and stablecoins as legal means of payment, provided both parties consent.

Real-World Impact: Panama City’s Crypto Integration

Panama City has already begun implementing crypto payments for municipal services. Residents can now pay taxes, fees, and permits using Bitcoin, Ethereum, and stablecoins such as USDC and USDT. These payments are instantly converted to US dollars through a partnership with a local bank, ensuring compliance with Panama’s dollarized economy. This initiative marks Panama City as a pioneer in integrating cryptocurrency into public services.

The legislation aims to enhance financial inclusion in Panama, where over 50% of the population lacks access to traditional banking services. By recognizing digital assets as valid payment methods, the country opens avenues for unbanked individuals to participate in the digital economy. This move could also attract international crypto businesses, positioning Panama as a hub for blockchain innovation in Latin America.

BREAKING: PANAMA INTRODUCES BILL TO ALLOW CITIZENS TO BUY, SELL, AND ACCEPT #BITCOIN FREELY ANYWHERE IN THE COUNTRY

BTC ADOPTION IS SWEEPING THE GLOBE. LET’S GO pic.twitter.com/XHJlL19XOo

— The Bitcoin Historian (@pete_rizzo_) May 19, 2025

Panama’s introduction of legislation to freely allow Bitcoin transactions signifies a significant step toward embracing the digital economy. By fostering an environment that supports voluntary cryptocurrency adoption, Panama is paving the way for broader financial inclusion and innovation. As the bill progresses through the legislative process, it will be interesting to see how this initiative influences the region’s approach to digital currencies.

More About Panama’s Crypto Policies

Mayer Mizrachi, the governor of the city of Panama, recently announced that the city has entered into an agreement with one of Panama’s largest local banks to process tax payments using cryptocurrency. This move positions Panama City as a pioneer in the region, leveraging its dollarized economy and robust banking system to integrate Bitcoin into its financial framework.

Panama City has made #Bitcoin history. The city has officially signed with one of the biggest local banks to process tax payments in crytpo

With a dollarized economy, strong banking system and adoption of Bitcoin Panama will continue to be the Financial Capital of Latam … pic.twitter.com/9cZDFiVto1

— Mayer Mizrachi (@Mayer) April 23, 2025

Finally, Mizrachi emphasized that this adoption of Bitcoin will solidify Panama’s status as the financial capital of Latin America. This will enhance its reputation as a forward-thinking hub for innovation and economic growth in the region.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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May 20, 2025 at 06:40AM

May 20, 2025 at 06:40AM
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