Banco do Brasil Bank Now Supports Crypto Tax Payments
- Banco do Brasil, the oldest Bank in South America, announced that it would support the use of cryptocurrencies to pay taxes.
- Brazilian bank customers can use the service through a partnership with Bitfy, a fintech specializing in blockchain.
- The partnership is an effort to expand the use and access to the digital asset ecosystem with nationwide coverage.
In a recent announcement, Banco do Brasil, the oldest Bank in South America has just allowed taxpayers with cryptocurrencies held in Bitfy to pay taxes with these assets.
Bitfy is a startup specializing in blockchain solutions and has invested in BB’s Enterprise Venture Capital Program – CVC. With the arrangement, it will begin acting as the Bank’s debt collection partner. This service allows partners (financial institutions, fintech, etc.) to provide solutions for paying tax bills, fees, and obligations to their customers using the agreements BB has signed with public service entities and franchisees.
This initiative puts Banco do Brasil at the forefront of modern and efficient solutions while democratizing access to new financial technologies and providing convenience for customers as it expands the options for receiving taxes from the public sector.
“This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage,”Bitfy CEO Lucas Schoch said Friday in a statement from Banco do Brasil, which is partially owned by the state.
Currently, this option is only available to Bitfy App users.
It works the same way when a customer pays for a ticket with a barcode. All he has to do is select the cryptocurrency on which he wants to pay taxes, capture a barcode or enter a sequence of numbers. All tribute information will appear to be validated before payment confirmation.
In this solution, the conversion and payment with Reais of the chosen cryptocurrency are instant, with a secure and flexible experience, for citizens and public institutions without needing a new agreement or changing the way taxes are received.
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