Banco do Brazil, one of the oldest banks in Brazil, and in part owned by the Brazilian government, has added the option for Brazilians to pay state taxes with cryptocurrency using its platform.
Brazilians will now be able to pay part of their state taxes using cryptocurrencies. Banco do Brazil, a mixed ownership bank, is launching the option of paying a set of taxes with crypto, using Bitfy, a Brazilian cryptocurrency startup, as a payment processor, exchanging the cryptocurrencies paid for Brazilian reals on the fly.Cryptocurrencies are making inroads when it comes to their usability in Brazil.
The company advertises its solution as the first of its kind, stating that the adoption of blockchain technology will optimize public processes, bringing more transparency and credibility to institutions. Lucas Schoch, CEO and founder of Bitfy,We will drive the adoption of the new defi economy, developing the necessary infrastructure to increase autonomy and democratize the use and access to the digital asset ecosystem throughout Brazil.
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