A Brazilian bank has started to enable the facility of taxpayers settling their dues through cryptocurrency-based payments, as reported by Cointelegraph.
According to Cointelegraph, on February 11, 2023, Brazilian bank Banco do Brasil stated that Brazilian taxpayers can use crypto to pay their tax amount. It is believed that Banco do Brasil has collaborated with Brazilian-based crypto firm Bitfy. Reportedly, the facility is available to Brazilians under the authorisation of Bitfy, which will play the role of “collection partner” to the Brazilian bank.
On the basis of information by Cointelegraph, Lucas Schoch, founder and CEO, Bitfy, revealed that the “new digital economy is a catalyst for a future full of advantages.” Insights from the Banco do Brasil’s statement mentioned that crypto users would experience a procedure, where tax details would be shared along with the amount of reals, the official Brazilian currency, to be changed into the chosen cryptocurrency for bill payment.
Moreover, Cointelegraph noted that taxpayers will be able to avail their tax bill through a barcode scanning. Sources suggest that the development happened post Brazil accepting a regulatory framework to enable cryptocurrencies as a payment method in the country. Predictions indicate that the law will become functional in June, 2023.
(With insights from Cointelegraph)