Brazil’s oldest bank lets customers pay taxes with bitcoin

The adoption of crypto like bitcoin (BTC) has taken another big step in Brazil. The oldest bank in the country, Banco do Brasil, now lets its customers pay their taxes with crypto! That announced the couch this weekend.

Paying taxes with bitcoin

Paying taxes is never fun, although this might be a lot less bad if you can pay it with your crypto winnings of course! Thanks to a partnership with Bitfy, Banco do Brasil customers can now actually do this.

Bitfy CEO Lucas Schoch said of the new service:

“The new digital economy is the catalyst for a future full of benefits. This partnership makes it possible to expand the use of and access to the digital asset ecosystem with national coverage and with the seal of safety and reliability of Banco do Brasil.”

How it works

The announcement also states that paying with crypto is just as easy as paying with fiat currency within the app. The customer only needs to choose crypto as a payment option and then go through the same process as for a regular payment.

It is a remarkable step for a bank, especially when it concerns the oldest bank in a country. It is therefore a clear sign that the adoption of crypto in Brazil is booming.

Earlier it was read in the crypto news that Binance and Mastercard have launched a crypto debit card in the country. With this, customers can now pay for purchases with their Binance Card. This debit card supports ethereum, cardano and other well-known cryptocurrencies, among others.

This news followed the legalization of crypto and bitcoin as a means of payment. It is therefore legal to do the above with payment cards such as the Binance Card. However, this does not make bitcoin legal tender, as is the case in El Salvador.

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