Crypto Boost: Brazil Residents Can Now Pay Taxes with Crypto

Estimated read time 2 min read
  • Brazil’s oldest bank Banco do Brasil has offered crypto enthusiasts a new option to pay taxes using cryptocurrency.
  • Taxpayers must scan the barcode on the tax bill and convert the selected cryptocurrency.

Banco do Brasil Partners with Bitfy to Allow Crypto Tax Payments in Brazil

Banco do Brasil, one of South America’s oldest and largest banks, has partnered with Bitfy, a Brazilian cryptocurrency firm, to allow taxpayers to pay their taxes with cryptocurrencies.

The new service is available to Brazilians who hold cryptocurrencies in custody with Bitfy. To pay a tax bill with crypto, taxpayers will simply scan a barcode and select the cryptocurrency they want to use. The bank will then convert the crypto into Brazilian reals and pay the bill on the taxpayer’s behalf.

The partnership between Banco do Brasil and Bitfy is a significant step forward for the adoption of cryptocurrencies in Brazil. It is the first time that a major Brazilian bank has offered the ability to pay taxes with crypto. The move is expected to make cryptocurrencies more accessible to Brazilians and to encourage more people to use them.

Lucas Schoch, Bitfy’s founder and CEO, said that the partnership with Banco do Brasil is “a catalyst for a future full of advantages.” He added that the new service will “expand the use and access to the digital asset ecosystem with national coverage.”

The partnership is also a sign of the growing acceptance of cryptocurrencies by Brazilian regulators. In 2021, Brazil passed a law that establishes a framework for the regulation of cryptocurrencies. The law includes provisions for the licensing of cryptocurrency exchanges and service providers.

The partnership between Banco do Brasil and Bitfy is a positive development for the cryptocurrency industry in Brazil. It is a sign that the country is becoming more open to cryptocurrencies and that they are becoming more mainstream.

Here are some of the key benefits of the new service:

  • It makes it easier for Brazilians to pay their taxes with cryptocurrencies.
  • It increases the acceptance of cryptocurrencies in Brazil.
  • It helps to legitimize the cryptocurrency industry in Brazil.

The new service is a welcome development for the cryptocurrency industry in Brazil. It is a sign that the country is becoming more open to cryptocurrencies and that they are becoming more mainstream.

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