Panama City to Accept Crypto Payments, But Settled in US Dollar
Article
Publish date
Apr 16, 2025 - 12:00am
Publisher
BeInCrypto
Web URL
https://beincrypto.com/panama-city-accepts-crypto-payments/
Referenced by
Panama City Council approves crypto payments for public services
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News story
Although Panama has its own currency, the balboa, the US dollar has more legal standing in a few different ways. It’s a legal tender; public institutions have to accept it, and the balboa is actually pegged to the dollar anyway.
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Panama City’s municipal government is circumventing the legislature to accept crypto payments, but the strategy has significant drawbacks. Mizrachi explained that public institutions must receive funds in US dollars, and he couldn’t circumvent this requirement.
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