Summary
- The Panama City council announced that it has allowed public utility payments through virtual assets.
- Citizens can now pay taxes and more using various virtual assets like Bitcoin and Ethereum.
- As a solution under current law, the city authorities stated they plan to work with banks to immediately convert virtual assets into dollars.
The city council of Panama City, the capital of Panama located in South America, has reportedly allowed public utility payments through virtual assets (cryptocurrencies).
On the 16th (local time), WuBlockchain announced on X (formerly Twitter) that "the Panama City council has accepted public utility payments through virtual assets." As a result, citizens of Panama City will be able to pay taxes, fines, permit fees, etc., using Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and more.
Meanwhile, current Panamanian law requires funds to be received only in US dollars (USD). Therefore, the city authorities plan to solve the issue by working with banks to immediately convert virtual assets into dollars.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin breaks below $70,000… Korea premium at 0.31%](https://media.bloomingbit.io/PROD/news/74018332-717e-4495-9965-328fe6f56cb4.webp?w=250)
