Brazilians now able to pay taxes with Crypto…..
Banco do Brazil, a mixed-ownership bank, has teamed up with Bitfy, a Brazilian cryptocurrency startup, to enable Brazilians to pay a set of state taxes using cryptocurrencies.
Bitfy will serve as a payment processor, allowing for the exchange of the cryptocurrencies paid for Brazilian reals on the fly. Bitfy’s solution aims to optimize public processes using blockchain technology, increasing transparency and credibility for institutions.
The platform will support a range of cryptocurrencies, including Bitcoin, Ethereum, and Ripple. The payment process will involve the input of a payment number or barcode scan, with Bitfy immediately processing the payment, exchanging cryptocurrencies for Brazilian reals, and transferring them to the institutions.
This new use of cryptocurrencies follows the recent sanction of a cryptocurrency law in Brazil, allowing for greater inclusion of these assets in financial activities
CleverRobot newsdesk 14th February 2023.