Oldest Bank In Brazil Permits Residents To Use Cryptocurrency For Paying Tax

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A sudden welcome has been made by one of the oldest and longstanding banks in Brazil recently. They decided they allow all the taxpayers across Brazil to pay their taxes in a hassle-free manner by using cryptocurrency. This has vastly expanded access to the ecosystem of digital assets.

This new and enhanced method of paying tax liabilities on the part of taxpayers using cryptocurrencies is a breakthrough for governments, banking systems, and the digital ecosystem all over the world.

Enhanced Tax Payment Through Crypto In Brazil 

The bank named, Banco do Brasil, made an official statement on the 11th of February 2023. They announced that from now onwards all the residents of Brazil will have permission to pay tax bills by using cryptocurrency. This announcement was supported by Bitfy which is a cryptocurrency firm. This initiative by the oldest bank in Brazil was made through a joint decision with Banco do Brasil and Bitfy.

Citizens of Brazil can pay taxes with their crypto in Bitfy which is going to be the facilitator partner for Banco do Brasil.

Convenience And Cryptocurrency 

The customers have already been elated with this news owing to the huge convenience that it brings. Not only does this decision expand the access and use of digital assets in a nationwide expanse, but it also provides the reliability of customer protection since it will be taking place in one of Brazil’s oldest and most reputable banks.

Lucas Schoch, CEO and founder of Bitfy, has stated that this latest digital economy will act as a catalyst for all upcoming advantages for people. Cryptocurrency users can now experience an easy way to pay taxes. Taxpayers must scan the barcode on the tax bill and convert the selected cryptocurrency.