Brazil’s Bank Accepts Tax Payment Using Crypto

Brazil’s Bank Accepts Tax Payment Using Crypto

A major Brazilian bank is providing a new and convenient way for taxpayers to pay their taxes with cryptocurrencies.

According to a statement released on February 11 by Brazilian bank Banco do Brasil, it is now “possible” for Brazilian taxpayers to pay their tax bill with cryptocurrency as part of a joint initiative with Brazilian-based crypto firm Bitfy.

It is available to Brazilians who have crypto stored with Bitfy, which will act as a “collection partner” for the major Brazilian bank.

It noted that, in addition to the convenience it provides customers, it has the potential to “expand” the use and access to the digital asset ecosystem with “national coverage” and the security of a reputable bank providing consumer protection.

Lucas Schoch, Bitfy’s founder and CEO, added that the “new digital economy is a catalyst for a future full of advantages.”

According to the statement, crypto users would have a simple process, with the tax details displayed alongside the amount of reals, Brazil’s official currency, that should be converted into the chosen cryptocurrency to pay the bill.

Taxpayers will access their tax bill by scanning a barcode, similar to how they pay a “boleto,” or ticket, a popular payment method in Brazil.

This move comes after the Brazilian city of Rio de Janeiro began accepting cryptocurrencies as tax payments in October 2022.

(With inputs from Shikha Singh)

You need to login in order to Like