Posted on 14. Februar 2023 in Allgemein
• Banco do Brazil, a mixed ownership bank in Brazil, is launching the option of paying a set of taxes with cryptocurrencies.
• The bank is using the services of Bitfy, a cryptocurrency payments processor, as a bridge to complete these payments.
• Binance is also working to get a share of the crypto payments market in the country.
Banco do Brazil, a mixed ownership bank in Brazil, has announced that they will be offering the option of paying taxes with cryptocurrencies. This allows citizens to pay part of their state taxes with cryptocurrencies such as Bitcoin and Ethereum.
The bank is using the services of Bitfy – a Brazilian cryptocurrency startup – as their payment processor. This means that when tax payments are made using cryptocurrencies, it will automatically be converted into Brazilian reals and then transferred to government institutions. Bitfy also advertises its solution saying that it will bring more transparency and credibility to public processes by utilizing blockchain technology.
Bitfy has revealed which cryptocurrencies can be used for this purpose: Bitcoin, Ethereum, Decentraland, Chainlink, Algorand, Solana Ripple , Polkadot Avalanche , Dash and Binance Coin . These must all be deposited onto an app wallet before being used for tax payments.
Binance is also looking into getting involved in providing crypto-based payment solutions in Brazil after recently sanctioning a cryptocurrency law which enables more financial activities within the country involving digital assets. They are currently working on expanding their reach when it comes to offering tax payment tools nationwide through agreements with governmental institutions.
This development is great news for those looking to use digital assets for everyday activities such as paying taxes; making it easier and more convenient than ever before!