Centuries-old bank Banco do Brazil is now giving Brazilians the option to pay state taxes with cryptocurrencies via its platform — effectively expanding the use cases for crypto in the country.
It is reported that crypto payments processor Bitfy serves as the middleman for these transactions. The firm touts its offering as the first of its kind and claims that the implementation of blockchain technology will streamline government operations and increase institutions’ transparency and legitimacy.
With additional transparency and credibility, blockchain allows all market sectors to optimize their processes — especially the financial sector — migrating their services to the digital environment, with various application possibilities.
Due to this, Bitfy and Banco do Brasil join forces to establish a new global economic structure, building the pillars of a prosperous technological future for all. (Translated from blog)
Lucas Schoch, CEO and founder of Bitfy
In November, Banco do Brazil invested in Bitfy with the goal of integrating tokenization and payment services into its portfolio. Bitfy has since revealed the list of cryptocurrencies that are supported for these payments. These includes cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, Ripple, and Solana. Users must deposit the assets on the app wallet before using.
Agreements Bitfy has struck with governmental organisations have allowed it to nationalise the reach of its tax payment tools. A payment number or barcode must be entered or scanned in order to use this facility to pay taxes. Bitfly will handle the payment right away, converting cryptocurrencies into Brazilian reals and sending the funds to the relevant agencies.
