Hi!
I know you can turn image to grayscale but I wonder if I can change image color,
for example: I have a black and white image file (black on white background) - is there a way to change the black to a given color from the panel?
I know its far fetched but I give it a rey 
No, that’s not possible.
Unless you use SVG files where you could color individual paths.
Other than that, you would need a custom thumbs driver that allows color mods, but then doing this right from the Panel would be another issue.
If the image was instead a PNG with alpha (the black part being transparent), you could drive the the background color of the parent html element from the panel, which would show through the transparent part of the image.
If this is a two tone logo or something, without alot of fine detail you can probably convert it to vector with the free tool https://www.usetracy.com/
Vector magic is alot more powerful and accurate but not free https://vectormagic.com/
Thanks for the reply
it can be a png with transparent background
but Im not sure I understand your suggestion
the image can be either black or white on a transparent bg - does it make it possible?
Well if you use a graphics program to knock out the black area to transparent, what ever is behind it will show through.
Something like this https://codepen.io/hashandsalt/pen/oNJXgKV