Banco do Brasil, Brazil’s oldest bank, has lately enabled taxpayers to pay their taxes using cryptocurrencies kept in Bitfy. This was made possible through a collaboration with Bitfy, a fintech firm specializing in blockchain solutions that have invested in the BB-CVC Corporate Venture Capital Program.
Partnership with Bitfy Brings Blockchain Expertise to Tax Payment Solutions
With this agreement, Bitfy will begin functioning as the bank’s collection agency. Using agreements made by BB with businesses and concession holders of public service, the service enables partners, including financial institutions and fintech, to offer bill payment options, including taxes, fees, and responsibilities, to their consumers.
This effort positions Banco do Brasil at the forefront of modern and efficient solutions democratizes access to new financial technology and provides clients with convenience by extending possibilities for collecting public-sector taxes.
The new digital economy is a catalyst for a future full of benefits. This partnership allows us to expand the use and access to the digital asset ecosystem with national coverage and with the security and reliability seal of Banco do BrasilLucas Schoch, founder and CEO of Bitfy
Paying Taxes with Crypto is as Simple as Scanning a Barcode
It operates in the same manner that customers use barcodes to pay for tickets. Customers must select the cryptocurrency with which they wish to pay their taxes, scan the barcode, or input the numerical sequence. Before payment confirmation, all tax information will be checked.
Instant Conversion of Cryptocurrency to Local Currency for Safe and Effortless Transactions
The conversion and settlement of the chosen cryptocurrency into Reais is done quickly with this solution, with a secure and easy experience for both people and public bodies, without the need for new agreements or changes in the way taxes are received.
With its PIX system, Banco do Brasil is a pioneer in digital payment technologies, and it approved crypto-friendly laws last year. The central bank is now testing digital money that will be released next year. Banco do Brasil’s cooperation with Bitfy provides a solution that many blockchain aficionados have wished for: the option to pay taxes in cryptocurrency.
Reference: bb.com.br (Local newspaper from brazil)