Brazilians Will Be Able To Pay Taxes With Crypto – News Bitcoin News

Brazilians will now be able to pay part of their state taxes using cryptocurrencies. Banco do Brazil, a mixed-ownership bank, is launching the option to pay a bunch of taxes in cryptocurrency, using Bitfy, a Brazilian cryptocurrency startup, as a payment processor, quickly exchanging paid cryptocurrencies for Brazilian reals.

Brazilians will have the opportunity to pay taxes with cryptocurrency using Banco Do Brazil

Cryptocurrency is making headway when it comes to usability in Brazil. Banco do Brazil, one of the oldest banks in Brazil, partly owned by the Brazilian government, has added the option for Brazilians to pay state taxes in cryptocurrency using its platform. The bank uses the services of Bitfy, a cryptocurrency payment processor, as a bridge to complete these payments, according to the reports.

The company announces its solution as the first of its kind, stating that the adoption of blockchain technology will improve overall operations, providing more transparency and credibility to organizations. Lukas Schusch, CEO and Founder of Bitfy, said:

We will drive the adoption of the new disruptive economy, and develop the infrastructure needed to increase autonomy and democratize the use and access of the digital asset ecosystem across Brazil.

Bitfy, which received an investment from Banco do Brazil in November looking to integrate tokenization and payment services into its wallet, also announced the range of cryptocurrencies supported for these payments. Among these are Bitcoin, Ethereum, Decentralized, Linkchain, Algorand, Solana, Ripple, Polkadot, Avalanche, Endash, and Binance Coin, which must be deposited into the app wallet to be used.

Payments

This development is possible due to the agreements Bitfy has with government institutions, to expand the range of tax payment tools nationwide. The process of paying taxes with this tool will involve entering a payment number or scanning a payment barcode, which will be processed by Bitfly instantly, exchanging cryptocurrencies into Brazilian reals and transferring them to the institutions.

The announcement brings a new use of cryptocurrency in the country, following the recent sanction of a cryptocurrency law that opens the door for these assets to be included in more financial activities in Brazil.

Binance is also working to grab a share of the crypto payments market in the country, having announced the launch of a prepaid crypto card in January, as part of its expansion push into Latam.

What do you think about Banco do Brazil and the option it gives Brazilians to pay taxes using cryptocurrency? Tell us in the comments section below

Sergio Gushchenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, getting into the world of crypto when the price spike occurred during December 2017. Having a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency boom on a social level, he offers a different perspective on the success of crypto and how it helps people. Those who do not deal with banks and the disadvantaged.

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