2 weeks ago
Panama City Mayor Mayer Mizrachi has expressed beardown enactment for a connection that would let ships to wage reduced Panama Canal fees if they settee successful Bitcoin.
In an Aug. 7 post connected X, Mizrachi described the thought arsenic “brilliant” and expressed anticipation that the Panama Canal Authority would follow it.
Max Keiser, an advisor to El Salvador’s President Nayib Bukele connected Bitcoin matters, suggested that Panama could accumulate a important Bitcoin reserve by incentivizing shipping companies to wage successful the flagship crypto alternatively than fiat.
This could make a Strategic Bitcoin Reserve, tapping into a dependable influx of BTC from maritime traffic.
The Panama Canal, which connects the Atlantic and Pacific Oceans, has been a captious commercialized way since its opening successful 1914. The nexus facilitates astir 13,000 to 14,000 vessel crossings each twelvemonth and spans 82 kilometers (52 miles).
According to Keiser, the canal generates astir $5 cardinal successful yearly revenue, which is simply a important information of Panama’s income.
Considering this, helium believes that adjacent a partial displacement to Bitcoin payments could importantly boost the country’s reserves, making it a much charismatic enactment for planetary shipping.
Panama’s pro-crypto embrace
Mizrachi’s endorsement aligns with the pro-crypto quality of the Panamanian government.
Earlier this year, Panama City passed legislation to formalize the usage of integer assets, allowing for voluntary cryptocurrency payments and mounting regulatory guidelines for their usage successful fiscal transactions.
This includes the instauration of licensing requirements for virtual plus work providers (VASPs) and adherence to planetary fiscal standards.
So, if Panama moves guardant with the projected discount program, it would people different measurement successful the country’s efforts to clasp cryptocurrencies and integrate Bitcoin into its economical strategy.
The station Panama City politician backs Bitcoin discounts for Panama Canal fees appeared archetypal connected CryptoSlate.
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