Historic legacy bank enables Brazilians to pay taxes using crypto


Banco do Brasil has partnered with Bitfy so users can pay taxes with cryptocurrencies as easily as paying for a ticket by scanning a barcode.

Cover art/illustration via CryptoSlate

Brazilian bank Banco do Brasil and crypto firm Bitfy will enable Brazilian taxpayers to pay their taxes using cryptocurrencies. Banco do Brasil is the country’s oldest bank and among the world’s oldest functioning banks.

How To Get Free Crypto  

Under the partnership, Bitfy will act as the bank’s “collection partner,” allowing users with crypto on the Bitfy platform to use their assets to settle tax dues.

Multiple cryptocurrencies will be available for use to pay taxes. According to Banco do Brasil, the process is as simple as paying for a ticket by scanning a barcode.

Banco do Brasil said the feature will bring convenience to taxpayers and expand the public sector’s options for receiving taxes.

Bitfy founder and CEO 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.”

The development comes after the city of Rio de Janeiro started accepting tax payments via cryptocurrencies in October 2022.

In December 2022, Brazil passed a law legalizing the use of cryptocurrencies for payments. The law is expected to come into effect in June 2023.

Coinbase Banner  
Latest Report

On-chain data shows Bitcoin is emerging from the depths of despair

CryptoSlate’s latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end.

Andjela Radmilac · 10 hours ago

US authorities allegedly using banks to crack down on crypto – Nic Carter

Britcoin CBDC touted as replacement to cash by Bank of England

Go to Source
Author: Monika Ghosh

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.