Cryptocurrency

Brazil’s largest public bank Banco do Brasil enables tax payments using crypto | Invezz

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  • Banco do Brasil is the largest bank in Brazil by asset value.
  • That bank has announced that it has enabled Tax Payments to be made with crypto.
  • The crypto tax payment service will however operate via Bitfy blockchain.

According to a recent statement, Banco do Brasil (BB), Brazil’s largest public bank, has enabled tax payments with cryptocurrencies.

The services will however be only available via Bitfy, a specialized blockchain solutions startup in which Banco do Brasil has invested.


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Paying taxes using cryptocurrencies

Brazil has been at the forefront of crypto adoption even as crypto investors in other countries like the US face uncertain times following the wake of the SEC’s crackdown on crypto staking and stablecoins.

Banco do Brasil is taking advantage of the huge population of cryptocurrency holders in the country by allowing them a chance to make their tax payments using cryptocurrencies.

In addition to the bank’s customers, the customers of other Bitfy clients including financial institutions and fintech companies will also be able to pay taxes among other financial obligations through the bank according to the agreement signed between Bitfy and Banco do Brasil.

Commenting on the development, Lucas Schoch, the founder and CEO of Bitfy said:

“The new digital economy is a catalyst for a future full of advantages. This partnership makes it possible to expand the use of and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil.”

According to the bank, the cryptocurrencies used to pay taxes at the bank will instantly be converted to Brazilian reals.

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