Banco do Brasil Enables Tax Payments in Crypto

Banco do Brasil, one of the oldest banks in Brazil, has announced that it will allow citizens to make tax payments in cryptocurrencies. This move comes after the Brazilian President Jair Bolsonaro officially signed a bill into law on December 22, 2022, recognizing cryptocurrencies as valid payment options in the country. This law creates a comprehensive set of regulations for the utilization and exchange of cryptocurrencies, such as Bitcoin.

Collaboration with Bitfy

The bank has partnered with Bitfy, a blockchain FinTech firm, to facilitate this process. Bitfy will act as a collection partner for the bank, providing customers with the ability to pay their tax bills, fees, and other obligations using digital assets. The press release stated that the partnership will allow financial institutions, FinTechs, and other entities to offer this payment solution to their customers.

Lucas Schoch, the founder and CEO of Bitfy, expressed his excitement about the partnership and how it will ease access and usage of the digital asset ecosystem in the country. He highlighted the national coverage, security, and reliability of Banco do Brasil, which will give citizens the confidence to use cryptocurrencies for their financial transactions.


Crypto adoption in Brazil

This move by Banco do Brasil is a significant step towards the adoption of cryptocurrencies in Brazil. With the recent law, Brazil has become one of the first countries in the world to recognize cryptocurrencies as a valid payment option. This will not only benefit citizens but also attract more investment in the crypto space and foster innovation in the financial sector.

Moreover, it will provide citizens with an alternative to traditional payment methods and allow them to conduct financial transactions in a secure, transparent, and efficient manner. This collaboration between Banco do Brasil and Bitfy is a testament to the growing recognition of cryptocurrencies and their potential to revolutionize the financial industry.

The partnership between Banco do Brasil and Bitfy is a major milestone for the crypto industry in Brazil. The bank’s decision to allow citizens to make tax payments in cryptocurrencies will bring the country one step closer to a cashless society and further integrate digital assets into the mainstream financial system.