Brazil’s Oldest Bank, Banco do Brasil, Takes a Leap into the Future with Crypto Tax Payment Options

• Brazil’s Oldest Bank, Banco do Brasil, Takes a Leap into the Future with Crypto Tax Payment Options

The oldest bank in Brazil bank, Banco do Brasil, revealed a big Crypto advancement. The bank has teamed with Brazil-based crypto exchange Bitfy to let citizens pay taxes with digital currencies.

Banco do Brasil now leads “new financial technology.” It offers sophisticated financial technology and solutions. Crypto tax payments through the bank will improve user experience and provide tax authorities more alternatives.

“The new digital economy is a catalyst for a future full of advantages,” says Bitfy CEO Lucas Schoch. This alliance expands digital asset ecosystem use and access nationwide.”

Selecting a crypto asset to pay taxes is easy. Brazilian reals are instantaneously converted. Users can check tax data before finalizing payments by scanning a barcode or inputting their tax number.

In December 2022, Brazil’s president passed a measure legalizing crypto.

Bitcoin is not legal tender, but numerous cryptos are. Crypto-related offenses, licenses, and transactions were likewise controlled. The law takes effect in June 2023.

Brazil ranks sixth on Chainalysis’ 2022 Global Crypto Adoption Index, having more crypto users. As of August 2022, over 12,000 corporations had crypto assets.

Ripple CEO Brad Garlinghouse applauded the Brazilian government for offering “leadership” and “clarity” for the crypto sector.

“Stepping back from what’s occurring in the US – just in the last few weeks, the amount of good (or at least moving in the direction of CLARITY) worldwide regulatory developments is energizing,” said Garlinghouse.

Brazil’s crypto sector leadership is reinforced by Banco do Brasil’s relationship with Bitfy. The bank’s dedication to provide consumers the newest financial innovations is good for the firm and the nation.