Brazilian national bank Banco do Brasil has implemented the possibility of paying taxes using digital assets.
The initiative was developed in collaboration with fintech startup Bitfy. It was invested in by the venture arm of Banco do Brasil. Bank customers can use the app to instantly convert the cryptocurrencies in their account into Brazilian reals to pay taxes.
According to the head of Bitfy, Lukas Schoch, such partnerships and government funding make a huge contribution to the development of the cryptocurrency ecosystem.
“This partnership expands the use of and access to the digital asset ecosystem with national reach,” said Bitfy CEO.
Today, Brazil ranks first among the countries of South America in the implementation and use of digital payments, and also leads in the field of regulation of cryptocurrency assets. Also, local authorities and financial institutions are preparing for the widespread use of the national digital currency.
