Panama City Mayor Mayer Mizrachi promotes Bitcoin adoption, proposing BTC payments for Panama Canal fares to drive economic growth.
Ultimately, a single mayor’s office cannot reshape a nation’s economic landscape alone. However, Mizrachi showcased practical ways that incremental Bitcoin adoption can create a ripple effect.
Mizrachi Champions Bitcoin in Panama
Over recent years, Panama has repeatedly tried and failed to advance its Bitcoin policies.
Yet, Mayer Mizrachi, mayor of Panama City, is again pushing for innovation. Like El Salvador, Panama relies on the US dollar as its legal tender. Mizrachi outlined a new strategy to shift this dynamic:
“What we created was a roadmap for how cities can embrace Bitcoin regardless of national law. You can build the building blocks, so the central government can copy what you’re doing after it’s proven. 70% of [Panama’s] GDP is in my city. Whatever my city does, it makes waves around the country,” Mizrachi claimed.
Mizrachi discussed his initial plan to accept Bitcoin for municipal tax payments. While limited by the requirement to convert BTC to USD, this initiative has pushed Panama’s major banks to engage with Bitcoin.
Mizrachi has already guided other regional mayors in launching similar programs. This small-scale effort has proven a simple way to transform Panama’s Bitcoin ecosystem from the constraints of one mayor’s office.
Still, Mizrachi admitted that widespread adoption demands greater political support. He noted that BTC could theoretically be used for Panama Canal fare payments, but the US might oppose such a move.
In essence, Panama’s Bitcoin integration hinges on a robust DeFi ecosystem. Mizrachi commended Nayib Bukele, who turned El Salvador into a major Bitcoin holder.
Panama could also pursue a Bitcoin Strategic Reserve, but more critically, it must forge ties with other regional crypto advocates.
Panama City’s mayor lacks the authority to elevate Bitcoin’s status single-handedly. However, Mizrachi views his efforts as a proof of concept.
He highlighted crypto’s economic potential in Central America, emphasizing that a brighter future is achievable. Committed advocates can drive significant change through modest actions.
