Municipality of Panama approves payment of Municipal Taxes through cryptocurrencies

Last April 2025, the Municipality of Panama signed an escrow agreement with Towerbank International Inc., a bank with a general license granted by the Superintendency of Banks, and Towertrust Inc., with a fiduciary license granted by the Superintendency of Banks, for the implementation of collection through cryptocurrencies.

Likewise, the agreement in reference consists in that any tax, tribute, right, service fee, sanction, interest, fines or sums in any concept that must be paid to the Municipality of Panama may be made in cryptocurrencies approved by Towerbank International Inc. and Towertrust Inc., who will receive the cryptocurrencies in custody to then make the conversion to US dollars, as legal tender in the Republic of Panama, to then make the transfers to the Municipality of Panama.

Among the main advantages of this service, we can mention the following:

• The use of cryptocurrencies is voluntary and does not replace other payment methods.
• No costs for the Municipality and without altering the tax regime.
• Payments can be made from anywhere in the world.
• Modernization of municipal management.
• The Municipality will not handle or receive cryptocurrencies directly.