Key Takeaways
- Panama City's mayor proposed Bitcoin payments for faster Panama Canal access.
- The city already accepts Bitcoin for taxes, fees, and fines.
- Mayor Mizrachi supports minimal regulation and plans a Bitcoin reserve without legislative approval.
At the Bitcoin 2025 Conference in Las Vegas, Panama City Mayor Mayer Mizrachi suggested allowing cargo ships to pay in Bitcoin for expedited access through the Panama Canal.
During a panel discussion with El Salvador Bitcoin advocates Max Keiser and Stacy Herbert,Mizrachi said:
What if you get a perk for paying in Bitcoin, get your ship to go quicker if you pay in Bitcoin?
Importance of the Panama Canal
The Panama Canal is a crucial global shipping route connecting the Pacific and Caribbean, responsible for about 5% of worldwide maritime trade.
In the 2023–2024 fiscal year, Panama earned around $5 billion from nearly 10,000 transiting ships carrying over 423 million tons of cargo.
Panama City’s bitcoin initiatives
Mizrachi’s proposal follows Panama City’s recent move to accept Bitcoin for taxes, fines, and public payments.
He also raised the idea of establishing a Bitcoin reserve for the city, noting that as mayor he could adopt the policy without needing legislative approval.
Stance on Bitcoin regulation
Rather than regulating Bitcoin, Mizrachi urged lawmakers to hold off.
He said:
Don’t touch it, don’t get near it, don’t even look at it, let it operate, let it function.
Bitcoin transactions and local unrest
He claims Panama sees over $5 billion in Bitcoin transactions annually, though much of the activity remains underground due to regulatory fears.
His remarks come amid local unrest, with Panama declaring a state of emergency in Bocas del Toro following protests and layoffs by Chiquita Brands.
