Banco do Brasil customers can now pay taxes in crypto, through a partnership with Bitfy.
Banco do Brasil, the oldest bank of the South American nation of Brazil, has just opened a new crypto tax payment portal for blockchain enthusiasts and has long had this need.
Through a partnership with Bitfy, a startup backed by the bank’s VC arm, customers can instantly convert the crypto in their accounts to local currency to pay their tax bills.
Many cryptocurrencies will be used to pay taxes. According to Banco do Brasil, the process is as simple as paying by scanning a barcode.
Bitfy CEO Lucas Schoch said in a declare from Banco do Brasil, partly state-owned:
“This partnership helps to expand the use and access of the digital asset ecosystem with national coverage.”
On the other hand, the city of Rio de Janeiro started accepting tax payments via crypto in October 2022.
Brazil has long been leader wave of digital payment innovation with its PIX system and the passage of crypto-friendly legislation last year. Recently, the top 2 private bank Bradesco successfully tokenized the first batch of bank credit notes, worth nearly 2 million USD. The country’s central bank is currently testing a digital currency and plans to release it next year.