It’s Now Possible to Pay Taxes with Cryptocurrencies in Brazil
Bank of Brazil (Banco do Brasil) has declared that citizens can now pay their taxes with cryptocurrencies, made possible through a partnership with Bitfy, a blockchain solutions company investing in BB’s Corporate Venture Capital Program (CVC). According to the announcement on the official website, this is an unprecedented financial development and affords users more options for completing essential payments.
People Can Use Cryptocurrencies to Pay Through Bitfy
Brazilian citizens owning cryptocurrencies can take advantage of the recently formed collaboration between Bitfy and government organizations. Similarly to capturing a barcode when buying tickets, all users have to do is select their desired cryptocurrency for payment in the Bitfy app, scan the provided code and confirm their transaction. This makes settling governmental fees fast, easy and secure!
By introducing this technology, the Bank of Brazil is solidifying its place as a frontrunner in modern financial solutions. Not only will citizens have access to an expedient and easily accessible tax payment method, but by adopting it successfully, the banking landscape could be completely transformed.
Furthermore, due to the existing agreement between the Bank of Brazil and several public service agencies, all partners – fintechs and financial institutions – comprising this state-owned bank have been permitted the ability to extend similar tax payment options for their customers.
Reflecting on this remarkable progression, Bitfy’s founder and CEO articulated: “This partnership ushers in a new era of digital economy rife with opportunities. Together, we are making it possible to extend the usage and access to digital assets across the nation while guaranteeing safety and reliability under Banco do Brasil.”
The Bank of Brazil Is Quite Interested in Cryptocurrency, as Is the Federative Republic of Brazil
As one of the most accommodating countries regarding cryptocurrencies, Brazil has taken steps to ensure its citizens can use digital assets. Last December, President Jair Bolsonaro enacted a bill that established a comprehensive regulatory framework for cryptocurrencies within Brazilian borders. Through these regulations, crypto was formally acknowledged as both an instrument for payment and an investment asset in this Latin American nation – creating endless opportunities for adoption among Brazilians!
By recognizing digital assets under its law, Brazil has become one of the few countries to do so, which has had an immense impact on driving crypto adoption. Not only that but several Brazilian financial institutions, such as the Bank of Brazil, have been actively showing interest in cryptocurrency and offering ETFs at a much higher rate than any other Latin American country. This indicates just how progressive they are becoming!