Panama City Emerges as Latin America’s Unlikely Crypto Powerhouse—Banks Scramble to Keep Up
Forget Miami—Panama City just cut through the red tape to become Latin America’s next crypto hub. With laxer regulations than a Bahamas tax haven and more blockchain startups than you can shake a ledger at, the canal city is bypassing traditional finance gatekeepers.
Why Panama? Dollarized economy, for starters. No currency risk means crypto traders sleep easier—when they sleep at all. Then there’s the ‘Crypto Law’ of 2023, which handed out licenses like free samples at a bull market.
But watch the fine print: local banks still treat digital assets like radioactive waste. ‘Innovation-friendly’ until the SEC comes knocking—sound familiar, Wall Street?
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Energy and education also feature in this evolving vision. Officials have floated the idea of harnessing Panama’s hydroelectric infrastructure for sustainable crypto mining. Meanwhile, the city plans to introduce El Salvador’s financial education materials—like the “What is Money?” textbook—into its public library system.
Although the national government hasn’t taken formal action, the momentum at the municipal level is growing. With Mizrachi’s upcoming keynote drawing global attention, Panama City could soon position itself as a serious contender in Latin America’s crypto transformation.
