Bank Of Brazil Allows Citizens To Pay Taxes With Crypto
Bank of Brazil expresses that citizens can now pay their taxes with cryptocurrency as well financial development is possible via a collaboration with Bitfy a popular blockchain solutions company with investment in BB's corporate venture capital program (CVC).
With this collaboration Brazilians holding cryptocurrencies Bitfy can now pay their taxes, fees, and governmental obligations using their assets. Using the Bitfy app taxpayers need only select their preferred cryptocurrency for payment and then scan a barcode before going on to confirm payment.
Bank of brazil's contract with Bitfy also allows all partners of fintech financial institutions of the state-owned bank to extend similar tax payment options to their customers based on existing agreements between BB and certain public service agencies.
According to the founder and CEO of Bitfy said: "the new digital economy is the catalyst for a future full of advantages this partnership makes it possible to expand the use access to the ecosystem of digital assets with national coverage and with the seal of security and reliablity of Banco do Brasil."
The Bank of Brazil is popular for its friendly involvement in the crypto space in April 2021 Bank of Brazil is the first state-owned bank in Brazil to provide its customers exposure to a crypto exchange-traded fund (ETF).
The Federative Republic of Brazil is considered one of the most crypto-friendly nations in the world with regulations and policies aimed at boosting the adoption of cryptocurrency end other digital assets among its users.
Last December Brazilan President Jair Bolsonaro signed a bill that provides a comprehensive regulatory framework for the use and trading of cryptocurrency within the country.
Under these regulations, the Brazilian government legitimized cryptocurrency as a means of payment or investment asset within the Latin American nation.
The bill does not confer on any cryptocurrency the status of a legal tender the mere recognition of these digital assets by the country's law will adoption to higher heights.
Furthermore, the Brazilian government and several financial institutions like the Bank of Brazil have indicated a high interest in cryptocurrency in the coming years.
Related: The Brazilian city of Rio de Janeiro to accept Bitcoin for Real Estate Taxes
