Brazil has taken several positive initiatives for the crypto industry, the latest being Banco do Brasil’s partnership with Bitfy.
Brazil has made headlines in the world of crypto with new initiatives regarding the payment of taxes with crypto. This would be made possible by a Brazilian bank called Banco do Brasil, which has partnered with a crypto firm named Bitfy. Bitfy would act as its ‘collection partner’ while Banco do Brasil would enable Brazilians to pay their taxes using crypto.
A statement was released by Banco do Brasil, where they made the announcements, and also claimed that Bitfy had invested in Banco do Brasil’s Corporate Venture Capital Program (CVC). Banco do Brasil stated that the new tax-paying method could bring convenience to the customers, increase efficiency, and democratize access to new and emerging technologies in finance. The CEO of Bitfy, Lucas Schoch, also welcomed the move and said that the partnership with Banco do Brasil could help them fully use digital assets’ potential and expand it.
The statement also explained the working of the new system. It would function similarly to when a customer uses a barcode to pay for a ticket. They would only need to choose the crypto they wanted to use to pay the tax, scan the barcode, or input the series of digits. Before payment confirmation, all tribute information would have to be verified.