The oldest bank in Brazil has announced that cryptocurrency may now be used to pay taxes

According to Banco do Brasil, it is now possible to pay taxes using cryptocurrencies. The collaboration with Bitfy makes the program’s implementation feasible.

The oldest bank in the South American nation of Brazil, Banco do Brasil, has announced that it is now possible to pay taxes in cryptocurrency, which is something that many blockchain fans have sought for a very long time.

Customers may use the Bitfy app, which was developed in cooperation with the bank’s venture capital department, to rapidly convert the cryptocurrency that is held in their account into the currency of the country in which they live in order to pay and settle a tax debt.

In a statement released on Friday by Banco do Brasil, which is partly controlled by the Brazilian government, Bitfy CEO Lucas Schoch claimed that “this relationship makes it possible to increase the usage and access to the ecosystem of digital assets with national coverage.”

Brazil has been a pioneer in the development of innovative methods of digital payment with its PIX system, and it just adopted laws that are favourable to cryptocurrencies. The nation’s central bank is now conducting trials of a digital currency, which it intends to launch the following year.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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