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February 26, 2024
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The oldest bank in Brazil enables customers to pay taxes with crypto

Banco do Brasil (BB), the oldest and the second largest bank in Brazil, has enabled the payment of taxes with cryptocurrencies.

Image via Wikimedia

The service is only available to customers with cryptocurrencies deposited with Bitfy, a blockchain-focused fitnech startup.

Financial institutions, fintech firms and other Bitfy clients will also be able to offer the solution for tax bills, fees and obligations to their customers using the deals signed by BB with public services entities, the bank explained.

“The new digital economy is a catalyst for a future full of advantages. This partnership makes it possible to expand the use of and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil,” said Lucas Schoch, the founder and CEO of Bitfy.

According to BB, at the time of payment, cryptocurrencies will be instantly converted to Brazilian reals.

The post The oldest bank in Brazil enables customers to pay taxes with crypto appeared first on Crypto Reporter.

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