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Panama City to Let You Pay Taxes & Fees with Bitcoin, Ether & USDC – Here’s What You Need to Know
Panama City has taken a significant step towards embracing cryptocurrency payments by announcing that citizens can now pay taxes and fees using Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT). This move is part of the city’s efforts to make it easier for residents to settle their dues in a more convenient manner.
According to an official statement, Panama City’s mayor, Mizrachi Matalon, revealed that the city will begin accepting crypto payments for tax-related services, starting with BTC, ETH, USDC, and USDT. The move is aimed at circumventing potential legislation hurdles that may have slowed down this process in the past.
It’s worth noting that Panama City is not the first jurisdiction to adopt cryptocurrency payments. Several cities around the world have already taken a similar step. For instance, Lugano City in Switzerland has been accepting BTC and USDT for tax and other city-related fees since December 2023. Similarly, Vancouver in Canada allowed residents to pay taxes with BTC starting December 2024.
In recent times, there have been growing calls for governments to adopt cryptocurrency payments as a viable alternative to traditional payment methods. This move by Panama City shows that this demand is being heard.
Source: https://ambcrypto.com/panama-city-to-let-you-pay-taxes-fees-with-bitcoin-ether-usdc-heres-what-you-need-to-know
