Brazilians Will Be Able to Pay Taxes With Crypto
When it comes to Brazil’s use of cryptocurrencies, they are making progress. Banco do Brazil is one of Brazil’s oldest banks and it is partly owned by the Brazilian government. It has made it possible for Brazilians to use cryptocurrencies to pay their state taxes using its platform. According to reports, the bank uses Bitfy as a payment processor for cryptocurrency.
The company claims that its solution is the first of its type and states that it will improve public processes by using blockchain technology. This will bring more transparency and credibility to institutions. was founded by Lucas Schoch, CEO of Bitfy.
We will promote the adoption of the defi economic, developing the infrastructure necessary to increase autonomy and democratize access to the digital asset eco-system throughout Brazil.
Bitfy, which received a Banco do Brazil investment in November to integrate tokenization, payment services, and its portfolio, also announced the list of cryptocurrencies that are supported for these payments. These include bitcoin, ethereum and chainlink, decentraland. Chainlink, algorand.polkadot.avalanche.de-criptomoedas/”>. The investment was made by Banco do Brazil in November. It aims to integrate tokenization into its portfolio.
Payment Processes
This is possible because Bitfy has reached agreements with government institutions to expand its reach for tax payment tools across the country. This tool allows you to pay taxes by entering a payment number, or scanning a barcode. Bitfly will process your payment immediately and exchange cryptocurrencies for Brazilian reals, transferring them to the institutions.
After the recent sanction to a cryptocurrency law, the announcement opens up a new way for cryptocurrencies to be used in Brazil.
Binance is also trying to grab a share in the crypto payments market in the nation. In January, it announced that it would launch a prepaid cryptocurrency card as part of its expansion push into Latam.