Municipal taxes in Panama City can be paid in cryptocurrencies after the Municipal Council of the District of Panama approved an agreement authorizing Mayor Mayer Mizrachi to enter into a contract with Towerbank International Inc. and Towertrust Inc. to enable the payment of municipal taxes through cryptocurrencies, via an escrow-type custody system, the Municipality reported.
They stated that this mechanism will allow taxpayers to make payments in cryptocurrencies, which will be automatically converted to U.S. dollars by an authorized trustee, without the Municipality receiving or directly managing cryptocurrencies.
Main benefits:
•The use of cryptocurrencies will be voluntary and does not replace other payment methods.
•No costs for the Mayor's Office and without altering the tax regime.
•Facilitates tax compliance from anywhere in the world.
•Reinforces transparency and modernization in municipal management.
«This decision positions Panama City as a pioneer in financial innovation and marks a step towards a more efficient, inclusive, and digitally adapted public management,» said the Mayor's Office in a statement.