Panama City Mayor Floats Bitcoin for Canal Transit, Seeks Regulatory Lighthand

Mayer Mizrachi, the Mayor of Panama City, has suggested allowing ships transiting the crucial Panama Canal to pay in Bitcoin for expedited passage. Speaking at the Bitcoin 2025 conference in Las Vegas on May 29, Mizrachi envisioned a scenario where cargo vessels could effectively “cut the line” through the vital waterway by utilizing the digital currency. During a panel discussion alongside El Salvadoran Bitcoin policy leaders Max Keiser and Stacy Herbert, Mizrachi articulated, “We have a canal — what if you get a perk for paying in Bitcoin, get your ship to go quicker if you pay in Bitcoin.” About Panama Canal The Panama Canal, a monumental waterway connecting the Caribbean and Pacific Oceans, is indispensable for global trade, facilitating approximately 5% of all maritime commerce annually and saving ships weeks of travel time around South America. The canal generated nearly $5 billion in revenue for Panama in its last fiscal year (October 2023 – September 2024), with close to 10,000 ships transiting and transporting 423 million tons of goods. Mizrachi’s proposal comes amidst recent controversy surrounding the canal, including President Donald Trump’s December 2024 announcement of plans for the U.S. to reclaim control, citing concerns over rising Chinese influence and allegedly unfair tolls on American vessels. This move aligns with Panama City’s recent embrace of Bitcoin , having approved the use of cryptocurrency for public payments, including taxes and municipal fees. A Bitcoin-Forward Vision The idea of Bitcoin payments for the Panama Canal is one of several innovative concepts Mayor Mizrachi has put forth as he explores how Panama can emulate El Salvador’s leading role in Bitcoin adoption . He has also championed the establishment of a Bitcoin reserve for Panama City, which accounts for over half of Panama’s global domestic product, noting that such a measure would not require legislative approval. Mizrachi is keen for Panamanian lawmakers to adopt a cautious, hands-off approach to cryptocurrency regulation. He urged legislators to defer work on crypto-specific bills, advocating for a period of observation: “Don’t touch it, don’t get near it, don’t even look at it, let it operate, let it function. Then decide what it needs. Do you want to restrict it or do you want to promote it?” Mizrachi believes that over $5 billion worth of Bitcoin transactions already occur annually in Panama, though much of this adoption is discreet due to lingering apprehension. The post Panama City Mayor Floats Bitcoin for Canal Transit, Seeks Regulatory Lighthand appeared first on TheCoinrise.com .

Source: The Coin Rise