Brazil’s Leading Public Bank Allows Cryptocurrency Tax Payments


This will be accomplished via a collaboration with Bitfy, a company that specializes in blockchain-based solutions.

According to a statement released by the bank on Friday, Banco do Brasil (BB), the biggest public bank in Brazil, has made it possible for citizens to pay their taxes using cryptocurrency.

Customers who have cryptocurrencies deposited with Bitfy, a startup company that specialises in blockchain solutions and in whom BB’s corporate venture capital arm has invested, are the only ones who are eligible to use the service.

According to the bank, other Bitfy customers, such as financial institutions and fintech businesses, will also be able to provide the ability for their users to make payments towards taxes and other responsibilities by using the agreements that BB has struck with different public service agencies.

Advantages arise as a result of the new digital economy. In a statement released in Portuguese, Bitfy founder and CEO Lucas Schoch praised the agreement as a way to “increase the usage and access to the ecosystem of digital assets with national coverage and with the stamp of security and trustworthiness of Banco do Brasil.” In a statement, BB said that any cryptocurrency payments will be converted into Brazilian reals quickly.

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