Banco do Brasil partners with Bitfy to collect tax payments in crypto

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Updated February 13, 2023 | Published February 13, 2023

2 mins read

The financial institution said that it is ready to explore tax payments in various cryptocurrencies.

Brazil’s oldest bank Banco do Brasil has announced it will now be possible for taxpayers in the country to pay their tax in crypto via its partnership with local crypto firm Bitfy.

Bitfy will serve as a “collection partner” for Banco do Brasil and facilitate tax remittances to the state, the bank said in a statement on Saturday, February 11.

The bank believes the new feature will prove popular and convenient and could expand the digital payment system further.

Banco do Brasil said combining the consumer protection standards of a mainstream financial institution and the cutting-edge innovation of the crypto ecosystem will enable it to adapt to the challenges of the digital economy.

Brazil is quickly adapting to the realities of a digital and crypto-driven economy, with tax payments in crypto becoming more popular across the country.

For example, in October the Brazilian city of Rio de Janeiro decided that it would accept tax payments in cryptocurrencies.

In December, the country passed a new regulatory framework attempting to establish rules for the use of crypto by businesses and regulators, adding clarity to the sector.

Brazil is moving aggressively on taxation of actual digital currencies as well. Brazil warned citizens that it is preparing to tax cryptocurrency swaps of the same value, for example swapping Ethereum into Bitcoin, or any other currency.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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