Brazilian Bank Will Accept Tax Payments With Crypto!

One of Brazil’s most established banks is paying taxpayers’ debts. cryptocurrency announced that it will allow payment using

latin american bank Banco do Brasil, has formed a partnership with Brazil-based crypto startup Bitfy, according to its official statement yesterday. The bank stated that as a result of the partnership, customers will be able to pay their tax debt with cryptocurrency.

Banco do Brasil “collection partner” described as Bitfy Thanks to this, all Brazilian citizens will pay their tax debt directly with crypto money.

Bitfy founder Lucas Schoch gave the following words after the partnership announcement:

“New digital assets hold huge advantages for the economy of the future.”

Schoch stated that in addition to the convenience provided to customers, this step will play an important role in the spread of cryptocurrencies. According to the announcement, taxpayers will not have any confusion while Bando do Brasil and Bitfy deal with the foreign exchange transaction of the tax paid.

Brazil Step By Step To Crypto!

There have been significant developments in crypto in the Latin American country in recent months. The government passed a new law in the last month of 2022 to legalize payments in crypto. Those who trade crypto over a certain amount ($6,000) are subject to tax.

In the capital, Rio, it became legal to pay taxes on cryptocurrencies as of October 2022.