Panama City mayor says canal should give Bitcoin-paying ships faster access

Panama City Mayor Mayer Mizrachi has floated the idea of allowing ships transiting the Panama Canal to pay in Bitcoin for faster passage.

Mizrachi proposed during a panel discussion at the Bitcoin 2025 conference in Las Vegas on May 29 that cargo ships could cut the line on waiting for their passage through the key shipping channel by paying in Bitcoin (BTC).

“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 suggested while speaking with two El Salvador Bitcoin policy leaders, Max Keiser and Stacy Herbert. The director of Bitcoin Beach in El Salvador, Mike Peter son, moderated the panel.

Mayer Mizrachi (center right) on stage at Bitcoin 2025. Source: The Bitcoin Conference
The Panama Canal is a man-made waterway linking the Caribbean and Pacific Oceans, allowing cargo ships to save weeks of travel time instead of having to sail around South America. It plays a key role in global trade, with around 5% of global maritime commerce passing through it each year.

Ships pay to transit through the canal, with Panama earning around $5 billion in revenue from the canal in its last full fiscal year between October 2023 and September 2024, according to the Panama Canal website.

Nearly 10,000 ships transited through the canal during that timeframe, transporting 423 million tons worth of goods.

The Panama Canal became a controversial topic in December 2024 as Trump announced plans for the US to reclaim control of the canal, citing concerns over rising Chinese influence and claiming that unfair tolls are imposed on US ships

Panama City has been on the front foot with Bitcoin adoption lately, having recently approved a measure permitting the use of crypto for public payments, including taxes, fines, and municipal fees.

Bitcoin payments for the Panama Canal are one of several ideas that Mizrachi has pitched in recent weeks as he explores how his country can follow El Salvador’s lead in adopting Bitcoin.

He has also touted the idea of establishing a Bitcoin reserve for Panama City — home to more than half of Panama’s global domestic product — pointing out in the panel discussion that he wouldn’t need legislative approval to adopt such a measure.

Mizrachi wants Panama lawmakers to take a back seat

Mizrachi urged Panama legislators to pause work on bills to regulate crypto, instead pushing for a hands-off approach to regulation.

“Don’t touch it, don’t get near it, don’t even look at it, let it operate, let it function,” Mizrachi said.

“Then decide what it needs. Do you want to restrict it or do you want to promote it?”

Related: Pakistan announces Bitcoin strategic reserve

Mizrachi claims that more than $5 billion worth of Bitcoin transactions occur annually in Panama, but said a lot of the adoption has taken place behind closed doors, as many are scared of embracing Bitcoin.

Mizrachi’s comments come as Panama declared a state of emergency in the Bocas del Toro province after banana company Chiquita Brands laid off over 5,000 workers who had been protesting for stronger social security measures.

Chiquita claims it lost more than $75 million as a result of the strikes and roadblocks impacting business operations.

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