• Bank of Brazil (Banco do Brasil) announced that citizens can now pay their taxes with cryptocurrency.
• The payment is possible via a partnership with Bitfy, a popular blockchain solutions company.
• Bank of Brazil is leading the way in modern financial solutions and introducing technology to transform the banking landscape.
Bank of Brazil Announces Tax Payment With Cryptocurrency
Bank of Brazil, a.k.a Banco do Brasil, has announced that citizens can now pay their taxes with cryptocurrency. According to a post on their official website, Brazil’s oldest bank stated that this financial development is possible via a partnership with Bitfy, a popular blockchain solutions company with investment in BB’s Corporate Venture Capital Program (CVC).
Through this collaboration, Brazilians holding cryptocurrencies with Bitfy can now easily pay their taxes, fees, and governmental obligations using their assets. The mechanism behind this service is similar to customers paying for a ticket by capturing a barcode. Using the Bitfy app, taxpayers need only select their preferred cryptocurrency for payment and then scan a barcode before going on to confirm payment.
Leading The Way
The introduction of this technology only stamps the Bank of Brazil’s position as a leading force in modern financial solutions. In addition to providing a convenient and easily accessible tax payment method to citizens, the successful adoption of this initiative could possibly transform the banking landscape. It is also worth noting that the Bank of Brazil’s contract with Bitfy also allows all partners – 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.
Bitfy CEO Comment
Commenting on this fascinating development, 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 and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil.”
Cryptocurrency In Brazil
The Federative Republic