Brazilians can pay part of the state You will be able to tax using cryptocurrencies. Banco do Brasil, a mixed-ownership bank, has launched a series of crypto-payment options for taxes using Brazilian cryptocurrency startup Bitfy as its payment processor, converting cryptocurrencies paid into Brazilian reals on the spot. To exchange.
Brazilians have the opportunity to pay taxes in crypto using Banco Do Brazil
increase. Banco do Brazil, one of Brazil’s oldest banks and partly owned by the Brazilian government, has added the option for Brazilians to pay state taxes in crypto using its platform} . The bank is reportedly using the services of his cryptocurrency payment processor Bitfy as a bridge to complete these payments.
The company touts the adoption of blockchain technology as the first solution of its kind, saying it will optimize public processes and bring more transparency and trust to institutions. His CEO and founder of Bitfy, Lucas Schoch,said::
We will drive adoption of the new defi economy, increase autonomy, and develop the infrastructure necessary to democratize use and access. For the digital asset ecosystem across Brazil.
After receiving an investment from Banco do Brazil in November, Bitfy aims to integrate tokenization and payment services into its portfolio and will support these payments. We also announced the lineup of cryptocurrencies that are being used. Among these are Bitcoin, Ethereum, Destraland, Chainlink, Algorand, Solana, Ripple, Polkadot, Avalanche, Dash and Binance Coins, which must be deposited in the app wallet to use.
Payment Process
This development was made possible by contracts Bitfy has signed with government agencies, expanding the reach of its tax tools nationwide. The process of paying taxes using this tool involves entering a payment number or scanning a barcode for payment. This is immediately processed by Bitfly to exchange your cryptocurrency for Brazilian Reals and transfer it to your institution.
The announcement brings new uses for cryptocurrencies in the country following recent sanctions in the cryptocurrency law, which opens the door for the inclusion of these assets in more financial activity in Brazil. increase.
Binance also announced the launch of a prepaid crypto card in January as part of its push to expand in Latin America, working to capture a share of the domestic crypto payment market.
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