Panama City must allow ships in Bitcoin to pay for faster passage through the Panama Canal, according to Mayor Mayer Mizrachi.
During a panel on Bitcoin 2025 in Las Vegas, Mizrachi suggested that Bitcoin payments could be rewarded with priority channel transit for cargo ships.
“We have a channel – what if you get an advantage for paying in Bitcoin, let your ship go faster if you pay Bitcoin,” Mizrachi said.
The Panama Canal is an important artery of global trade, which connects the Caribbean and the Pacific Ocean. It dealt with nearly 10,000 ship transfer between October 2023 and September 2024, accounting for around 5% of global maritime trade.
According to Official figuresPanama earned around $ 5 billion in channel income during that period, transported with more than 423 million tons of freight.
The mayor recently defended the use of Bitcoin and other cryptocurrencies in public services and has suggested The establishment of a Bitcoin reserve for Panama City, which generates more than half of the country’s domestic product.
During his time on stage, Mizrachi also insisted on encouraging legislators to prevent the crypto sector from being disturbed prematurely.
“Don’t touch it, don’t get close, don’t even look at it, let it work, let it function,” he said, with the argument that over regulation could suppress innovation.
Earlier this year, Panama City approved a measure with which residents could pay municipal taxes, fines and permits using Bitcoin, Ethereum, USDC and Tether.
To meet the legal requirements, the city worked with a bank that immediately converts crypto payments to US dollars, so that public institutions receive funds in Fiat without treating digital assets directly.
“This ensures the free flow of crypto throughout the economy and the entire government,” Mizrachi posted at the time.
In contrast to the Central -American neighbor of Panama, the national Bitcoin policy for legal policy of El Salvador, the model of Panama City is optional and designed to be interoperable with the existing financial system.
Panama revise the crypto posture
Panama’s national attitude towards crypto, on the other hand, is more cautious, but has been softened over time. In May 2022, former President Laurentino Cortizo refused to sign a crypto bill that was assumed by parliament, with reference to the need for stronger anti-money laundering practices.
At the time, critics warned that allowing non -regulated crypto transactions could influence the status of the country, such as Panama, then on the FATF Gray list, was confronted with control over its history as a tax paradise and the vulnerability of his dollarized economy for illegal financing.
However, these worries have since given way to a more structured approach. In March 2025, Panama introduced a new one bill Focused on regulating digital assets and at the same time in accordance with international financial standards.
The bill presents legal recognition of crypto as a payment option with mutual permission, maintains licenses for service providers and mandates compliance with AML and KYC standards. It also encourages the use of blockchain in public services and recognizes smart contracts as legally binding.
