The taxpayers in Brazil will now have access to paying their taxes using digital assets and crypto.
This is because a particular bank in Brazil has announced that its clients will be able to use crypto to pay taxes.
The latest updates suggest that the name of the bank is Banco do Brasil, the oldest bank in Brazil.
The announcement by Banco do Brasil
The reports confirm that Banco do Brasil made an announcement on February 11, coming that their users will be able to use crypto to pay for their taxes.
Things will now become quite interesting for the citizens in Brazil, now that the particular bank has made a major announcement.
The users will find it extremely convenient to make payments using cryptocurrencies and digital assets to pay their taxes. They will be able to pay off their dues using digital assets.
Banco do Brasil’s Partnership with Bitfy
The officials at Banco do Brasil have revealed that they partnered with a major cryptocurrency entity based in the country to make it happen.
They revealed that the name of the particular firm is Bitfy, which is a major cryptocurrency entity based in Brazil.
Both entities took the initiative and their combined efforts were able to come up with a new facility for the clients.
They will make things much easier and more convenient for the taxpayers and they will have more payment options at their disposal.
Bitfy to Operate as a Collection Partner
The best part of the deal is that the Brazilian bank has not limited Bitfy to being a development partner. Instead, it has announced that Bitfy would act as Banco do Brasil’s collection partner.
This way, the users will have access to more taxpaying options in the future. The users will have the freedom of paying taxes not only through the payment portal of Banco do Brasil but also Bitfy’s platform.
Users’ Exposure to Crypto and Digital Assets
The officials at the oldest Brazilian bank were excited to announce the offering of the new utility.
They noted that their new service is to offer far much more to the users than tax payments. The people connected to the bank will be gaining exposure to digital assets and cryptocurrencies.
They will realize the importance of cryptocurrencies and that will drive them to understand how convenient it is to use cryptocurrency.
By offering such a utility, the people in Brazil will get to use cryptocurrencies on a daily basis. Over time, they want to expand their services throughout Brazil and want to make it national coverage.
Comments by Bitfy’s CEO
The CEO of Bitfy, Lucas Schoch commented on the future of digital assets and the potential they have to offer the new digital economy.
According to Schoch, cryptocurrencies and the digital asset economy have so much to offer to the country’s economy.
The digital assets would act as a catalyst that would let the users take full advantage of the trend.
Schoch clarified that the users will have access to a very straightforward process. They will have access to a highly remarkable system that would let them view the tax details.
Utility for Taxpayers
The tax details will be dealt with and displayed in the reals, which is Brazil’s local and official currency. At the time of making the payment, the users will have access to paying with cryptocurrencies.
Just as the transactions are made, the system developed by the combined efforts of both entities would convert the crypto into reals.
The people wanting to pay taxes using the particular methods would be able to do it with the barcodes available in the system. They will be able to do it by scanning the barcode and making payments accordingly.
Brazil is among the countries that are adopting cryptocurrencies for tax payments. Since then, the country has allowed people to pay their taxes using cryptocurrencies.