Bank in Brazil allows customers to pay taxes with crypto

A major bank in Brazil is making it possible for its customers to pay taxes with cryptocurrencies. In a statement of February 11 informs the Banco do Brasil that it is now “possible” for Brazilian taxpayers to pay their taxes with crypto. It organized this option together with Brazil-based Bitfy.

For Bitfy customers only

The option to pay taxes with crypto is only possible for Brazilians who place their crypto with Bitfy. That is the “collection partner” of the Brazilian bank. In addition to the convenience it provides its customers with, it is also a way to expand the use and access to the digital asset ecosystem on a national level, according to the bank. At the same time, there is a large bank behind it that protects the consumer.

Lucas Schoch, the founder and CEO of Bitfy says the new digital economy is “a catalyst” for a future full of benefits. Brazilians who want to use this service get a simple overview in which they can see how much Reais they have to pay (the official currency of Brazil). They can then convert that amount into a cryptocurrency of their choice. In the background, both parties then arrange the conversion.

Not the first time

Incidentally, it is not the first time in Brazil that it becomes possible for people to pay taxes with crypto. Earlier in October 2022, the Brazilian city of Rio de Janeiro already made it possible for its residents to pay taxes with crypto. Furthermore, Brazil passed in December 2022 new legislationwhich legalized the use of crypto as a means of payment in the country.

Read Also:  Market Alert: Bitcoin's Decline May Signal Trouble for Stocks

Brazil is therefore clearly taking steps towards a future in which it is quite normal to use Bitcoin and other crypto as a means of payment. The aforementioned law is likely to enter into force in the country from June 2023. South America is thus emerging as an ever-improving business climate for industry companies and individuals who want to live on a Bitcoin standard.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here