Historic legacy bank enables Brazilians to pay taxes using crypto

Brazilian bank Banco do Brasil and crypto firm Bitfy will enable Brazilian taxpayers to pay their taxes using cryptocurrencies. Banco do Brasil is the country’s oldest bank and among the world’s oldest functioning banks.

Under the partnership, Bitfy will act as the bank’s “collection partner,” allowing users with crypto on the Bitfy platform to use their assets to settle tax dues.

Multiple cryptocurrencies will be available for use to pay taxes. According to Banco do Brasil, the process is as simple as paying for a ticket by scanning a barcode.

Banco do Brasil said the feature will bring convenience to taxpayers and expand the public sector’s options for receiving taxes.

Bitfy founder and CEO Lucas Schoch said:

“This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil.”

The development comes after the city of Rio de Janeiro started accepting tax payments via cryptocurrencies in October 2022.

In December 2022, Brazil passed a law legalizing the use of cryptocurrencies for payments. The law is expected to come into effect in June 2023.

Posted In: , Adoption, Taxes
Bookmark (0)
ClosePlease loginn

Related Posts

A sincere thank you to our valuable sponsors: CoinDesk, Nexo and 1inch

A sincere thank you to our valuable sponsors: CoinDesk, Nexo and 1inch

Discover the cutting-edge services of CoinDesk and Nexo, the leading names in crypto and blockchain, and unlock the full potential of your digital assets.

Bookmark (0)
ClosePlease loginn
U.S. government sold over 9k BTC for $215.7M on March 14

U.S. government sold over 9k BTC for $215.7M on March 14

The US government said it plans to liquidate over 40,000 Bitcoin in four batches during this calendar year.

Bookmark (0)
ClosePlease loginn
Justin Sun’s Grenada ambassadorship to WTO ends

Justin Sun’s Grenada ambassadorship to WTO ends

Grenada’s local media reported that Justin Sun had been recalled after the political party that appointed him lost elections in June 2022.

Bookmark (0)
ClosePlease loginn
More than 50% of Bitcoin mining uses renewable energy

More than 50% of Bitcoin mining uses renewable energy

Almost a quarter of all Bitcoin miners use water to power their setups, while wind and nuclear are the second and third biggest contributors.

Bookmark (0)
ClosePlease loginn
Bittrex to halt US operations by end of April

Bittrex to halt US operations by end of April

The cryptocurrency exchange will only serve global customers going forward.

Bookmark (0)
ClosePlease loginn
Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

Many transfer methods, including Signature ACH transfers, are affected.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *