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Banco do Brasil, the oldest bank in Brazil will allow local residents to pay their taxes using cryptocurrency. This is being offered to taxpayers to provide another convenient option for them to settle their tax dues.
Moreover, the use of cryptocurrencies for tax payments also expands Brazilian’s access to the digital asset network. Banco do Brasil announced this payment solution for tax liabilities on Saturday, Feb. 11.
As per CoinTelegraph, the crypto payment option is a joint initiative of the bank with Bitfy, a cryptocurrency firm based in Brazil. People who have crypto accounts with Bitfy can use their digital currency to pay their taxes. In this transaction, Bitfy will serve as the collection partner for Banco do Brasil.
To access their tax bill, taxpayers just need to scan a barcode. Officials said that paying is similar to how the citizens pay “boleto” or “ticket” which is a popular mode of payment in the country. It was noted that Banco do Brasil’s decision to accept crypto payment for taxes comes a few months after Rio de Janeiro started allowing the same digital payment method in October 2022.
In December 2022, Brazil also implemented a regulatory framework that legitimizes the usage of cryptocurrencies as a payment method in the country. While it has already been months since the new law was announced, it will only take effect in June.
It was revealed that Banco do Brasil invested in Bitfy last year, so it is clear why it has partnered with this startup for its crypto payment initiative for taxes. In cooperation with the bank, Bitfy will now be able to offer payment solutions for tax guides, fees, and obligations to its customers.
In a press release, Banco do Brasil said that this move places it at the position of prominence for modern and efficient solutions. It also allows it to provide access to new financial technologies while expanding the options for receiving taxes from the public.
“The new digital economy is the catalyst for a future full of advantages,” Bitfy’s founder and chief executive officer, Lucas Schoch, said. “This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil.”
Photo by: Kanchanara/Unsplash
