The citizens of Brazil can now pay their taxes using cryptocurrencies via the oldest bank in Brazil, a recent announcement reveals.
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Brazil Residents to Pay Tax in Crypto
As per a post on its website, Brazil’s oldest bank Banco do Brasil will now allow taxpayers in the country to pay their taxes using cryptocurrencies.
This new payment solution will be made possible through its recent partnership with Bitfy, a startup firm that specialized in blockchain solutions and invested in BB’s Corporate Venture Capital Program – CVC.
This partnership will see the startup serving as a collector of the taxes, and henceforth, citizens of Brazil holding crypto, especially with Bitfy can now easily pay their taxes, fees, as well as government obligations using cryptocurrencies.
The payment process for this tax will be through the Bitfy app whereby the taxpayers will choose their preferred cryptocurrency, and scan a barcode code after which they’ll confirm the payments, this is similar to customers trying to scan a barcode while paying for tickets.
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