The mayor of Panama, Mayer Mizrachi, said that cryptocurrencies will convert to US dollars thanks to cooperation with the partner bank, since by law state institutions should receive funds in fiat currency. This will not require the adoption of new legislation, the mayor explained. He did not call the bank.
“The previous administration tried to promote a special bill through the Senate of the country, but we found a simple way to do it without additional laws. The City Council of Panama became the first state institution in the country to approve of payments in cryptocurrency, ”Mizrachi wrote.
In March, the National Assembly of Panama began to consider a bill that allows the country’s authorities to invest in digital assets and use blockchain technology in public administration.
Source: Bits
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