Banco do Brasil (BB), Brazil’s largest public bank, has taken a major step forward in the adoption of cryptocurrencies by enabling the payment of taxes with digital assets. The service is available to customers with cryptocurrencies deposited with Bitfy, a startup specializing in blockchain solutions in which BB’s corporate venture capital arm has invested.
The agreement between BB and Bitfy will also allow other Bitfy clients – such as financial institutions and fintech companies – to enable their users to pay taxes and other obligations using the agreements signed by BB with various public service entities.
Lucas Schoch, the founder and CEO of Bitfy, said in a statement that the partnership “makes it possible to expand the use of and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil.”
The payment process is simple and secure. At the time of payment, cryptocurrencies will be instantly converted to Brazilian reals. This is a major step forward in the adoption of cryptocurrencies in Brazil, and it is likely to be welcomed by the crypto community.
The move by BB is a sign of the growing acceptance of cryptocurrencies in Brazil and around the world. It is also a testament to the potential of blockchain technology and its ability to revolutionize the way we pay for goods and services.