Brazil’s Oldest Bank to Allow Tax Payments Using Crypto

Vignesh Karunanidhi
Brazil's Oldest Bank to Allow Tax Payments Using Crypto
Source: Coin Culture

A law recognizing cryptocurrencies as valid payment options in Brazil was recently approved. On December 22, 2022, Brazilian President Jair Bolsonaro officially signed a bill into law. The law creates a comprehensive set of regulations for the utilization and exchange of cryptocurrencies, such as Bitcoin (BTC).

Read more: Bitcoin Likely to Bounce Back From $22K Yet CPI Data Looms…

The law was undoubtedly a watershed moment for Brazilian investors, moreover paving the way for a bright future for cryptocurrencies in the country. Now, according to the details from the latest press release, Banco do Brasil, one of the oldest banks in the country, will now allow citizens to make tax payments in cryptocurrencies. Banco do Brasil was established on October 12, 1808.

Banco do Brasil collaborated with Bitfy to make this happen

According to the details in the press release, the bank has also partnered up with Bitfy, a blockchain FinTech firm, to make this happen in Brazil. Through the collaboration, Bitfy will act as a collection partner for the bank.

“The service allows partners (financial institutions, FinTechs, among others) to offer the payment solution for tax bills, fees, and obligations to their customers, using the agreements signed by BB with entities and concessionaires of public services. 

Read more: Baby Doge Coin Burn Portal to Go Live on Monday, Enters 78th Rank

Lucas Schoch, founder and CEO of Bitfy, also addressed how this collaboration will ease the access and usage of the digital asset ecosystem with the national coverage, security, and reliability of Banco do Brasil.