The oldest bank in Brazil has allowed Brazilian citizens to pay with crypto for their taxes.
As was shared on its website, Bank of Brazil partnered with blockchain provider company Bitfy to make the latest financial development possible. Bitfy also invested in the CVC (Corporate Venture Capital) programme of Brazilian bank.
Via this partnership, customers with crypto holdings on Bitfy’s platform can now use crypto to pay for fees, governamental obligations, and taxes. The new payment method resembles customers purchasing tickets via barcodes. Through Bitfy’s app, customers have to select their favorite crypto for payment and scan the barcode before a prompt appears for payment confirmation.
Besides providing users with an accessible and convenient way to pay taxes, the initiative, if successfully adopted, could reshape the banking environment. Also, through the collaboration between the Brazilian bank and Bitfy, financial institutions and fintech partners of the bank can also provide similar tax payment methods to their customers due to the previous partnership agreements.
According to the CEO and founder of Bitfy, the new virtual economy can spark new benefits in the future. This collaboration allows the crypto ecosystem to expand its use and attract more users, nationally, and with the trust and safety of Bank of Brazil.
