Panama City Mayor Proposes Faster Canal Access for Bitcoin Payments

     

Mizrachi suggests ships paying in BTC should skip the line at the Panama Canal.

Panama City Mayor Mayer Mizrachi has proposed a new idea: allowing ships that pay in Bitcoin to receive priority access through the Panama Canal.

Speaking at the Bitcoin 2025 conference in Las Vegas on May 29, Mizrachi said ships could bypass the standard wait time by using Bitcoin as payment. The panel was moderated by Mike Peterson from Bitcoin Beach, with El Salvador Bitcoin advocates Max Keiser and Stacy Herbert also present.

“We have a canal — what if ships that pay in Bitcoin get to move through faster?” Mizrachi said.

The Panama Canal is a key route for global trade, connecting the Caribbean Sea and the Pacific Ocean. It handles about 5% of the world’s maritime commerce, saving ships weeks of travel time compared to going around South America.

Between October 2023 and September 2024, Panama earned approximately $5 billion from canal tolls, with nearly 10,000 ships moving 423 million tons of cargo through the waterway.

The canal entered political debate in December 2024 when former U.S. President Donald Trump said the U.S. should take back control of the canal, citing increasing Chinese influence and allegedly unfair tolls on American ships.

Panama City has recently taken steps toward crypto adoption. It now allows Bitcoin and other cryptocurrencies to be used for paying taxes, fines, and municipal services.

Mizrachi has also floated the idea of creating a Bitcoin reserve for Panama City — which contributes to more than half of Panama’s GDP. He noted during the panel that such a move wouldn’t require national legislative approval.

Mizrachi Tells Lawmakers to Step Back From Crypto Regulation

Mayor Mizrachi urged Panama’s national legislators to delay efforts to regulate the crypto industry, arguing that a hands-off approach would be more effective.

“Don’t touch it, don’t get near it, don’t even look at it. Let it operate, let it function,” he said. “Then decide what it needs. Do you want to restrict it, or do you want to promote it?”

He claimed more than $5 billion worth of Bitcoin transactions happen in Panama each year, though much of it occurs quietly as people remain hesitant due to lack of clear regulation.

His comments come as Panama faces unrest in Bocas del Toro province. The region was placed under a state of emergency after Chiquita Brands laid off more than 5,000 workers protesting for stronger social security. The company said the strikes and roadblocks cost them over $75 million.