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Brazilians Can Now Pay their Taxes Using Crypto!

Photo by Ramon Buçard / Unsplash

Banco do Brasil (BB), the largest bank in Brazil, has partnered with Bitfy, a firm specializing in blockchain solutions. The cooperation would make it possible for clients of Banco do Brasil to make tax deposits using crypto assets, according (1) to a report from a local news agency in Brazil called AgenciaBrasil.

Banco do Brasil Wants to Help Spread the Use of Cryptocurrencies

It is important to note that Banco do Brasil said the service would only be available to consumers who used Bitfy to make deposits into their crypto currency accounts.

On the other hand, the bank said that the crypto tax payment option would also be available to Bitfy's other customers soon. This refers to financial institutions and fintech companies operating under the blockchain solution.

In the grand scheme, all users of Bitfy apps may easily pay their tax obligations by picking the crypto currency and scanning the barcode. The goal of Bitfy's new cooperation is to make conversions and settlements quick and nearly immediate, and they have succeeded in achieving this goal.

That is, to give people an experience that is both smooth and safe to navigate. When customers desire to make a payment, BB claims that bitcoins will be instantaneously converted into Brazilian reals.

Banco do Brasil's primary objective is to strengthen crypto adoption across Brazil by capitalizing on the opportunities presented by this relationship. Even if for no other reason, you should keep up with the latest trends.

This is especially important remember while taking into account the fact that a new digital economy is currently being enacted on a worldwide basis.

And considering that early participants could only enjoy the entire gains of the rising economy, Brazil aspires to put itself at the head of this global adoption to ensure that it receives the full benefits of the rising economy.

Regarding cooperation, Bitfy's creator and CEO, Lucas Schoch, expressed sentiments quite similar to those expressed by Banco do Brasil. He wrote the following section of a statement:

"This agreement makes it possible to extend the usage of, and accessibility to the environment of digital assets with nationwide exposure and with the mark of security and dependability from Banco do Brasil."

Practical Applications of Crypto Worldwide

There is no question that the number of applications for crypto currencies, domestically and worldwide, is continuously expanding. This is a result of governments becoming more open to investigating the many prospects presented by decentralized crypto currencies.

While some countries have made some crypto currencies into legal money, others are investigating ways to introduce stablecoins to their primary market.

Nevertheless, in the wake of a significant event like the one that occurred with Banco do Brasil, it is now unknown how other countries will react in the upcoming weeks about following suit. However, until that time comes, Bitfy and Banco do Brasil will continue collecting the taxes their customers owe.