Panama is poised to become a major financial hub, integrating its existing fiat-based traditional institutional infrastructure with a new bitcoin-based financial framework. Mayer Mizrachi, mayor of Panama City, made several announcements to incentivize bitcoin adoption during his appearance at the Bitcoin 2025 conference.

Mizrachi revealed that Caja de Ahorros, the second-largest bank in the country, would be integrating bitcoin account functionality, allowing its customers to take advantage of these custody services and simplifying their bitcoin experience.

At the conference, Mizrachi stated:

Now, the second largest national bank, which is present tonight, Caja de Ahorros, is going to open Bitcoin accounts that can easily transact in dollars.

This follows an earlier agreement with Tower Bank, another financial institution, to integrate cryptocurrency payments for the Panamanian municipality, including point of sale (POS) terminals that offer bitcoin transaction support.

Mizrachi also floated the idea of allowing freight companies to pay for passage across the Panama Canal using bitcoin, and proposed to offer these companies additional benefits. He declared:

What if you get a perk for paying in Bitcoin, get your ship to go quicker if you pay in Bitcoin?

Mizrachi estimated that Panama is already a significant crypto hub, with over $5 billion in Bitcoin transactions occurring annually behind closed doors.

Nonetheless, the country still lacks a clear cryptocurrency regulatory framework, as former President Laurentino Cortizo struck down an initiative passed by the Panamanian National Assembly in 2022. This might change in the short term, as Substitute Representative Gabriel Solis introduced another bill to establish clear rules for crypto companies operating in the country.

Before, Mayer had hinted at the establishment of a municipal bitcoin reserve and also at using Panama’s energy resources to mine bitcoin.

Read more: Bill Proposes Voluntary Cryptocurrency Acceptance in Panama

Read more: Panama City Eyes Bold Move With Potential Bitcoin Reserve

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