4.7 C
Manchester
February 26, 2024
BTC Hunts
Image default
Blockchain

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.

Related posts

Bakkt’s uncertain future: A cautionary tale in the crypto landscape

Leslie Kim

Hong Kong to issue crypto exchange licenses and allow retail investors to trade coins

Leslie Kim

Tether releases Q4 2023 financial report, showing remarkable growth

Leslie Kim