Bitcoin: The New Gold for Ships? Panama’s Mayor Thinks So! 🚢💰

by

Ah, Panama City! A place where the sun shines brightly, and the ships sail even brighter. Mayor Mayer Mizrachi, in a moment of sheer brilliance—or perhaps a touch of whimsy—has proposed that vessels should be allowed to pay their tolls in Bitcoin for a swifter passage through the illustrious Panama Canal. Who knew that digital currency could grease the wheels of maritime commerce? 🤑

At a panel discussion during the grand spectacle known as Bitcoin 2025 in Las Vegas, Mizrachi, with the fervor of a man who has just discovered the joys of a good cup of coffee, suggested that those who pay in Bitcoin might just find their ships whisked through the canal with the speed of a gazelle. “Imagine,” he exclaimed, “a perk for paying in Bitcoin! Your ship could sail quicker if you just toss a few digital coins our way!”

The Panama Canal, that magnificent artery of global trade, connects the Caribbean and Pacific Oceans, handling nearly 10,000 ship transits between October 2023 and September 2024. It accounted for about 5% of global maritime commerce. Quite the busy thoroughfare, wouldn’t you say? 🚢

According to the official figures—because who doesn’t love a good statistic?—Panama raked in approximately $5 billion in canal revenue during that period, with over 423 million tons of cargo transported. Not too shabby for a little slice of paradise!

Our dear mayor has taken quite the shine to Bitcoin and its cryptocurrency cousins, advocating for their use in public services. He even proposed the creation of a Bitcoin reserve for Panama City, which, let’s be honest, is the financial heart of the nation. “Don’t touch it, don’t get near it, don’t even look at it,” he urged lawmakers, as if they were children about to poke a sleeping bear. “Let it operate, let it function!”

Earlier this year, Panama City took a bold step, allowing residents to pay their municipal taxes, fines, and permits using Bitcoin, Ethereum, USDC, and Tether. To keep things legal and above board, the city partnered with a bank that converts crypto payments to U.S. dollars faster than you can say “blockchain,” ensuring that public institutions receive their funds in good old fiat currency without the hassle of digital assets. How very convenient! 💸

Unlike its Central American neighbor, El Salvador, which has embraced Bitcoin as legal tender with open arms, Panama City’s approach is more like a cautious dance—optional and designed to play nice with the existing financial system.

Panama Revisits Crypto Stance

Now, let’s talk about Panama’s national stance on crypto, which has been more cautious than a cat on a hot tin roof. Back in May 2022, former President Laurentino Cortizo refused to sign a crypto bill passed by parliament, citing the need for stronger anti-money laundering measures. Critics warned that allowing unregulated crypto transactions could tarnish the country’s reputation, especially since Panama was then on the FATF grey list, facing scrutiny over its history as a tax haven. Oh, the irony!

However, those concerns have since given way to a more structured approach. In March 2025, Panama introduced a new draft bill aimed at regulating digital assets while aligning with international financial standards. The bill proposes legal recognition of crypto as a payment option with mutual consent, enforces licensing for service providers, and mandates compliance with AML and KYC norms. It even encourages the use of blockchain in public services and recognizes smart contracts as legally binding. Who knew that the future could be so… organized? 🤖

Read More

2025-05-30 10:49