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<p>After passing legislation recognizing cryptocurrency as a legal payment choice in Brazil and President Jair Bolsonaro signing it into law on December 22 last year, Banco do Brasil, Brazil’s oldest bank now accepts crypto as tax payments.</p><h2 id="header-0">Brazil’s first bank to allow crypto as tax payment</h2><p>Founded on October 12, 1808, Banco do Brasil formed a partnership with Bitfy, a blockchain-based FinTech company, to make the initiative possible in the country.</p><p>With the agreement, the company will become the <a href="https://www.bb.com.br/pbb/pagina-inicial/imprensa/n/67243/bb-oferece-solucao-de-pagamento-de-tributos-com-criptomoedas#/" rel="noopener noreferrer nofollow">Bank’s collecting partner</a>. Using agreements made by the bank with businesses and concessionaires of public services, this service enables partners (financial institutions, fintechs, etc.) to give their clients a payment alternative for tax bills, fees, and obligations.</p><p>CEO and founder of Bitfy Lucas Schoch said the digital economy brings an advantageous future.</p><h2 id="header-1">Oldest bank partners with new technology</h2><p>“This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil.”</p><p>However, the service is only exclusive to Bitfy users at the moment.</p><p>Users can choose the cryptocurrency he wants to use to pay the tax, scan the barcode, or input the numerical sequence. It functions similarly to when a client pays for a ticket using a barcode.</p><p>The conversion and payment in Reais of the selected cryptocurrency occur instantaneously, without the need for new contracts or modifications to the method of tax collection.</p><p><a href="https://micky.com.au/brazilian-lawmakers-postpone-voting-on-crypto-bill-until-elections-end/" rel="noopener noreferrer nofollow">Brazil’s crypto law</a> establishes a thorough framework for the use and trade of cryptocurrencies like Bitcoin (BTC).</p>

Brazil’s oldest bank to allow tax payments using crypto

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