by • Banco do Brazil, a mixed ownership bank in Brazil, is allowing people to pay taxes with cryptocurrencies.
• The payment processor of this process is Bitfy, a Brazilian cryptocurrency startup.
• Cryptocurrencies accepted for payment include Bitcoin, Ethereum, Decentraland, Chainlink, Ripple and more.
Crypto Payments Now Possible in Brazil
Banco do Brazil has enabled citizens of the country to pay part of their state taxes using cryptocurrencies. The payments processor facilitating this process is Bitfy, a Brazilian cryptocurrency startup which will be exchanging the crypto paid for Brazilian reals on the fly.
Partnership Between Banco Do Brazil and Bitfy
The partnership between Banco Do Brazil and Bitfy has been established in order to integrate tokenization and payment services into its portfolio. This development is possible due to agreements that Bitfy has made with government institutions, expanding the reach of its tax payment tools nationwide.
Accepted Cryptocurrencies
The lineup of cryptocurrencies supported for these payments includes Bitcoin, Ethereum, Decentraland, Chainlink Algorand, Solana Ripple Polkadot Avalanche Dash and Binance Coin. These cryptos have to be deposited on the app wallet provided by Bitfy before they can be used as payment.
Process of Payment
The process of paying taxes with this tool will include the input of a payment number or the scan of a barcode for the payment which will be processed immediately by Bitfly exchanging cryptocurrencies for Brazilian reals then transferring them to public institutions.
Crypto Law Sanctioned
This announcement follows after recent sanctioning of a cryptocurrency law that opens up paths for these assets to partake in more financial activities in Brazil including Binance working towards getting a share in crypto payments market in the country.
