Historic legacy bank enables Brazilians to pay taxes using crypto

Brazilian bank Banco do Brasil and cryptocurrency company Bitfy will enable Brazilian taxpayers to pay their taxes using cryptocurrencies. Banco do Brasil is the oldest bank in the country and he is one of the oldest functioning banks in the world.

Under this partnership, Bitfy will act as a collection partner for banks, allowing users who spend cryptocurrencies on the Bitfy platform to use their assets to pay taxes.

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

Banco do Brasil says the feature will bring convenience to taxpayers and give the public sector more options for receiving taxes.

Bitfy Founder and CEO Lucas Schoch said:

This partnership will allow us to expand the use and access of the ecosystem of digital assets, as well as national coverage of the security and reliability of Banco do Brasil.

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

In December 2022, Brazil passed a law legalizing the use of cryptocurrencies for payments. The law he plans to come into force in June 2023.

Journalist at CryptoSlate

Monika started reading about crypto in 2020, digging deeper and deeper down the rabbit hole. Although she is always skeptical of new projects, she genuinely believes that the blockchain and cryptocurrency industry can alleviate some of the most pressing issues of our time, such as financial inequality and transparency. She is a voracious reader and her love of food equals her love of books.