Panama City Mayor Proposes Priority Canal Access for Ships Paying with Bitcoin

 

Panama City Mayor Proposes Bitcoin Priority for Canal Transit

Panama City Mayor Mayer Mizrachi has proposed a bold idea to modernize operations at the Panama Canal: allow ships to skip the line if they pay in Bitcoin.

Speaking at the Bitcoin 2025 conference in Las Vegas on May 29, Mizrachi suggested that vessels using the Panama Canal could receive expedited passage by opting to pay transit fees in Bitcoin. He presented the idea during a panel discussion alongside El Salvador Bitcoin policy advocates Max Keiser and Stacy Herbert, with Bitcoin Beach director Mike Peterson moderating.

“We have a canal — what if you get a perk for paying in Bitcoin, get your ship to go quicker if you pay in Bitcoin?” Mizrachi asked during the event.

The Panama Canal is a critical artery in global trade, connecting the Caribbean Sea with the Pacific Ocean and saving cargo ships weeks of travel around South America. According to official data, nearly 10,000 ships passed through the canal between October 2023 and September 2024, moving 423 million tons of goods and generating approximately $5 billion in revenue.

Mizrachi’s Bitcoin proposal comes amid heightened global focus on the canal. In December 2024, former U.S. President Donald Trump reignited controversy by suggesting the U.S. should reclaim control of the canal, citing concerns over Chinese influence and claiming Panama imposes unfair tolls on U.S. ships.

Meanwhile, Panama City has taken steps toward broader cryptocurrency adoption. Local officials recently passed legislation allowing Bitcoin and other digital assets to be used for public payments, including taxes, municipal fees, and fines. Mizrachi has been at the forefront of these initiatives, suggesting the creation of a municipal Bitcoin reserve—an idea he said does not require legislative approval.

In the same panel discussion, Mizrachi urged national lawmakers to adopt a hands-off approach to crypto regulation. “Don’t touch it, don’t get near it, don’t even look at it,” he said. “Let it operate, let it function. Then decide what it needs. Do you want to restrict it or do you want to promote it?”

According to Mizrachi, over $5 billion in Bitcoin transactions are conducted annually in Panama, though much of this activity remains hidden due to public hesitation around embracing crypto.

His remarks also come during a time of domestic unrest. Panama recently declared a state of emergency in the Bocas del Toro province after Chiquita Brands laid off more than 5,000 workers amid ongoing protests demanding improved social security. The company reported over $75 million in losses due to strikes and roadblocks.

As Panama continues to explore its place in the evolving global crypto landscape, Mizrachi’s proposals could mark a significant shift in both maritime commerce and national economic policy.