The mayor of Panama city, Mayer Mizrachi, has announced the next step in Bitcoin’s adoption. In a mysterious post on X he hinted that the city is working on its own Bitcoin reserve, after a meeting with two key figures behind the Bitcoin policy of El Salvador.
On May 16, Mizrachi simply placed the words “Bitcoin Reserve” on X, shortly after he spoke with Max Keiser and Stacy Herbert-two well-known Bitcoin advisers of Salvadoran President Nayib Bukele.
Panama follows Crypto example El Salvador
The timing of Mizrachi’s message is striking: he will speak later this month at the Bitcoin 2025 conference in Las Vegas, and his post appeared only eleven days before that event. Moreover, his statement comes shortly after the approval of a new law in Panama, which makes the use of crypto possible for public payments, such as taxes, fines and municipal taxes.
According to Mizrachi, Bitcoin, Ether, Tether and USDC will be accepted as soon as the infrastructure for payments from crypto to Fiat is set up.
An official Bitcoin reserve at city level would make Panama city one of the precursors in the region. For a national reserve, however, cooperation with the National Assembly of Panama is needed – and this is not yet the case.
Panama joins Bitcoin reserve wave
Mizrachi’s plans are in line with a broader international trend. Recently, Arizona and New Hampshire laws were adopted in the US states for building Bitcoin reserves. Ukraine would also consider taking Bitcoin as a national reserve activum.
During their meeting in Panama city, Mizrachi, Keiser and Herbert also discussed subjects such as Bitcoin Mining and Education. According to Keiser, it was mainly about how Panama and El Salvador can use their sustainable energy sources, such as geothermal and hydropower, to strengthen their mining capacity.
Finally, Herbert announced that the Salvadoran teaching program What Is Money?, That is aimed at financial literacy, will be added to the Panama City Library System.
Source: https://newsbit.nl/burgemeester-panama-stad-hint-op-bitcoin-reserve-na-overleg-met-el-salvador/
