Panama’s chief city chief, Mayer of Mizurachi, recently discussed the positive transformational impact of Bitcoin on his country at a major meeting. He proposed accepting BTC payments as fares for using the Panama Canal among other growth strategies.
Ultimately, one mayor’s office cannot change the country’s economic outlook alone. But Mizurachi has shown us concrete ways in which the small acts of Bitcoin adoption can be constructed against each other.
Mizurachi brings Bitcoin to Panama
Over the past few years, Panama has tried several attempts to reform Bitcoin’s policy, but these efforts have repeatedly stalled.
But Mayer Mizrachi, mayor of Panama City, has once again tried to innovate. Like El Salvador, Panama is a country that uses the US dollar as its fiat currency. Mizurachi detailed a new approach to changing it:
“What we created was a roadmap for how cities can accept Bitcoin regardless of the laws of the country. You can build building blocks, so the central government can copy after it has proven you are doing.
Mizrachi spoke about his initial plan to accept Bitcoin for local government tax payments. In some respects, this strategy had major limitations. This is because the city was needed to exchange all this BTC for USD. This is the departure point for the stations where Panama’s largest banks need to handle Bitcoin.
Already, Mizurachi has advised other mayors of the region how similar initiatives can be launched. This limited project was an easy way to change the entire Bitcoin ecosystem in Panama from the restrictions of one mayor’s office.
Still, Mizurachi admitted that comprehensive recruitment would require far more political buy-in. He commented that BTC could hypothesize to accept fare payments through the Panama Canal, but the US may oppose the plan.
In other words, Panama’s BTC integration relies on one important factor: an active defi ecosystem. Mizurachi praised Naive Bukell, who transformed El Salvador into one of the world’s biggest Bitcoin holders.
Panama could also begin accumulating Bitcoin’s strategic reserves, but more importantly, it would need to build connections with crypto advocates in other regions.
In other words, the mayor of Panama City has no power to change his own position on Bitcoin. However, Mizurach considers his work to be a proof of concept.
He detailed the economic opportunities that cryptography can bring to Central America, reminding us that a better future is possible. Dedicated supporters can create powerful change with smaller actions.
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