Mayor Mizrachi Supports Bitcoin Payments for Panama Canal

Mayor Mizrachi- Bitcoin Payment Idea for Panama Canal Gains Attention

Mayor Mizrachi– At the Bitcoin 2025 conference in Las Vegas on May 29, Panama City Mayor Mayer Mizrachi suggested an innovative idea: allowing cargo ships to pay in Bitcoin for expedited passage through the Panama Canal. This proposal aims to offer ships a “perk” for using Bitcoin, potentially reducing their wait times in one of the world’s most vital shipping routes.

Panama Canal’s Strategic Importance

The Panama Canal connects the Caribbean and Pacific Oceans, enabling ships to save weeks of travel by avoiding the longer route around South America. It handles about 5% of global maritime trade, with nearly 10,000 ships passing through last fiscal year and generating approximately $5 billion in revenue for Panama.

Bitcoin Adoption and Regulation in Panama

Mayor Mizrachi has been actively promoting Bitcoin adoption in Panama City, which recently approved cryptocurrency payments for public services, including taxes and fines. Speaking at the panel, Mizrachi encouraged lawmakers to adopt a “hands-off” approach towards crypto regulation:

Don’t touch it, don’t get near it, don’t even look at it, let it operate, let it function.

He emphasized that Panama sees over $5 billion in Bitcoin transactions annually, though much of this activity remains informal due to fear of regulation.

Political and Economic Context

Mizrachi’s remarks come amid political tension after the US announced intentions to reclaim control of the Panama Canal in late 2024, citing concerns over Chinese influence. Meanwhile, Panama recently declared a state of emergency in Bocas del Toro following protests and layoffs at Chiquita Brands, highlighting broader economic challenges.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.