Panama City Mayor Mayer Mizrachi proposed an idea at the 2025 Bitcoin Conference that allows ships passing through the Panama Canal to use Bitcoin (BTC) payments for expedited passage.
Mizrachi suggested during a panel discussion at the Bitcoin 2025 conference held in Las Vegas on May 29 that cargo ships could skip the waiting line and gain priority access to this critical shipping channel by paying with Bitcoin.
In a conversation with Salvadoran Bitcoin policy leaders Max Keiser and Stacy Herbert, he proposed, "We have a canal—what if paying with Bitcoin could give you the privilege to get your ship through faster?" The panel discussion was moderated by Mike Peterson, head of the Bitcoin Beach in El Salvador.
The Panama Canal is an artificial waterway that connects the Caribbean Sea and the Pacific Ocean, allowing cargo ships to save weeks of travel time without having to navigate around South America. It plays a crucial role in global trade, with approximately 5% of global maritime trade passing through the canal each year.
Ships are required to pay fees to transit the canal. According to data from the Panama Canal's official website, Panama earned about $5 billion from the canal in the previous full fiscal year from October 2023 to September 2024.
During this period, nearly 10,000 ships passed through the canal, transporting 423 million tons of cargo.
In December 2024, the Panama Canal became a controversial topic when U.S. President Donald Trump announced plans to regain U.S. control over the canal, citing concerns over China's rising influence and claiming unfair tolls imposed on U.S. vessels.
Panama City has recently been at the forefront of Bitcoin adoption, having recently approved a measure allowing the use of cryptocurrencies for public payments, including taxes, fines, and municipal fees.
Using Bitcoin to pay for Panama Canal tolls is one of several ideas Mizrachi has proposed in recent weeks as he explores how to encourage his country to emulate El Salvador's Bitcoin adoption model.
He also suggested establishing Bitcoin reserves for Panama City, which accounts for more than half of Panama's GDP, and noted during the panel discussion that such measures could be taken without legislative approval.
Mizrachi urged Panama's lawmakers to pause the development of regulations for cryptocurrencies and instead pursue a non-interventionist regulatory approach.
He stated, "Don't touch it, don't go near it, don't even look at it, let it operate, let it work."
"Then decide what it needs. Do you want to restrict it, or do you want to promote it?"
Mizrachi claimed that Panama has over $5 billion in Bitcoin transactions annually but noted that much of the adoption occurs behind the scenes, as many people fear openly accepting Bitcoin.
Mizrachi's comments came after Panama declared a state of emergency in Bocas del Toro province, following the dismissal of over 5,000 workers by banana company Chiquita Brands, who protested for enhanced social security measures.
Chiquita claimed that the company lost over $75 million due to strikes and roadblocks affecting business operations.
Related: Reserve Bank of India to Launch New Use Cases for Digital Rupee
Original: “Panama City Mayor Proposes Canal Passage Ships Use Bitcoin (BTC) Payments for Priority Access”
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