Panama Mayor Proposes Bitcoin Payments for Faster Canal Transit
- Panama City Mayor proposes Bitcoin payments for faster Panama Canal transit.
- Panama embraces Bitcoin amid canal tensions and social challenges.
Panama City Mayor Mayer Mizrachi suggested an idea at the Bitcoin 2025 conference in Las Vegas on May 29. He proposed that ships passing through the Panama Canal could pay in Bitcoin for faster transit. Speaking alongside El Salvador Bitcoin advocates Max Keiser and Stacy Herbert, Mizrachi explained that offering a “perk” for Bitcoin payments could speed up cargo shipping. The panel was moderated by Mike Peterson, director of Bitcoin Beach in El Salvador.
The Panama Canal is a crucial global shipping route connecting the Caribbean and Pacific Oceans. It saves vessels weeks of travel time by avoiding the long journey around South America. Approximately 5% of global maritime trade passes through the canal annually. In the last fiscal year ending September 2024, nearly 10,000 ships transited the canal, transporting 423 million tons of goods. The canal generated about $5 billion in revenue during this period, according to official data.
Panama Advances Bitcoin Use Amid Canal Tensions and Regulatory Calls
Mizrachi’s Bitcoin payment idea is part of a wider effort to embrace cryptocurrency in Panama. The city recently approved a law allowing crypto payments for public services such as taxes and fines. Mizrachi is also considering establishing a Bitcoin reserve for Panama City, which accounts for over half of Panama’s GDP. He noted that adopting such a reserve would not require legislative approval.
The adoption of Bitcoin in Panama is happening just as geopolitical tensions near the canal rises. Last December, President Trump revealed that the U.S. would regain control over the Panama Canal. He said he was worried about China’s rising influence and the perceived unequal treatment his nation’s ships faced.
Mizrachi asked Panamanian lawmakers to avoid strict regulations for cryptocurrencies. He urged legislators not to meddle with the industry, as the market itself should decide what measures are needed.
Bitcoin’s Impact on Panama’s Economy Amid Social Challenges
Mayor Mizrachi highlighted that Panama handles over $5 billion in Bitcoin transactions annually, though much of this activity remains hidden due to the fear of public acceptance. His comments came amid a state of emergency in Bocas del Toro province. There, the banana company Chiquita Brands laid off more than 5,000 workers who had been protesting for stronger social security protections.The country’s desire to use Bitcoin to improve its economy is indicated by recent proposals for using cryptocurrency. Mizrachi imagines unionizing financial knowledge with helpful strategies to make trade run smoothly and help give more people access to the economy.
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Panama Mayor Proposes Bitcoin Payments for Faster Canal Transit
- Panama City Mayor proposes Bitcoin payments for faster Panama Canal transit.
- Panama embraces Bitcoin amid canal tensions and social challenges.
Panama City Mayor Mayer Mizrachi suggested an idea at the Bitcoin 2025 conference in Las Vegas on May 29. He proposed that ships passing through the Panama Canal could pay in Bitcoin for faster transit. Speaking alongside El Salvador Bitcoin advocates Max Keiser and Stacy Herbert, Mizrachi explained that offering a “perk” for Bitcoin payments could speed up cargo shipping. The panel was moderated by Mike Peterson, director of Bitcoin Beach in El Salvador.
The Panama Canal is a crucial global shipping route connecting the Caribbean and Pacific Oceans. It saves vessels weeks of travel time by avoiding the long journey around South America. Approximately 5% of global maritime trade passes through the canal annually. In the last fiscal year ending September 2024, nearly 10,000 ships transited the canal, transporting 423 million tons of goods. The canal generated about $5 billion in revenue during this period, according to official data.
Panama Advances Bitcoin Use Amid Canal Tensions and Regulatory Calls
Mizrachi’s Bitcoin payment idea is part of a wider effort to embrace cryptocurrency in Panama. The city recently approved a law allowing crypto payments for public services such as taxes and fines. Mizrachi is also considering establishing a Bitcoin reserve for Panama City, which accounts for over half of Panama’s GDP. He noted that adopting such a reserve would not require legislative approval.
The adoption of Bitcoin in Panama is happening just as geopolitical tensions near the canal rises. Last December, President Trump revealed that the U.S. would regain control over the Panama Canal. He said he was worried about China’s rising influence and the perceived unequal treatment his nation’s ships faced.
Mizrachi asked Panamanian lawmakers to avoid strict regulations for cryptocurrencies. He urged legislators not to meddle with the industry, as the market itself should decide what measures are needed.
Bitcoin’s Impact on Panama’s Economy Amid Social Challenges
Mayor Mizrachi highlighted that Panama handles over $5 billion in Bitcoin transactions annually, though much of this activity remains hidden due to the fear of public acceptance. His comments came amid a state of emergency in Bocas del Toro province. There, the banana company Chiquita Brands laid off more than 5,000 workers who had been protesting for stronger social security protections.The country’s desire to use Bitcoin to improve its economy is indicated by recent proposals for using cryptocurrency. Mizrachi imagines unionizing financial knowledge with helpful strategies to make trade run smoothly and help give more people access to the economy.
Highlighted Crypto News Today:
Paris Saint-Germain Becomes First Major Sports Club to Hold Bitcoin
Read More