Banco do Brasil Partners with Bitfy to Allow Users Pay for Tax with Crypto

Brazil’s largest bank, Banco do Brasil (BB) has entered into a partnership with blockchain solutions startup Bitfy. Per a local news report from AgenciaBrasil, the partnership will allow the customers of Banco do Brasil to make tax payments using crypto assets.

Banco do Brasil Aims to Foster Crypto Adoption

It is worth mentioning that BB noted that the service will only be accessible to those customers who made their crypto deposits with Bitfy. However, the bank also revealed that the crypto tax payment feature will also be extended to Bitfy’s other clients.  That is, financial institutions and other fintech firms under the blockchain solution.

Overall, this means that all users of Bitfy applications can simply pay their tax dues by selecting the cryptocurrencies and then scanning the barcode. Conversions and settlements are fast and done almost instantaneously, in line with the aim of Bitfy’s new partnership. That is, to provide users with a fluid and secure experience. According to BB, cryptocurrencies will be instantly converted to Brazilian reals when users want to make a payment.

Essentially, Banco do Brasil is focused on leveraging this partnership to bolster crypto adoption throughout Brazil. If not for anything else, at least, to move with the trends. This is especially considering that a new digital economy is already playing out on a global scale. And being that the full benefits of the rising economy may only be enjoyed by early partakers, Brazil seeks to position itself at the forefront of this global adoption.

Lucas Schoch, the founder and CEO of Bitfy also shared a similar sentiment with Banco do Brasil regarding the partnership. He wrote partly in a statement:

“This 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.”

More Use Cases for Cryptocurrencies?

Without a doubt, there is a growing list of use cases for cryptocurrencies in and around the world. This is as nations warm up to exploring different opportunities with decentralized cryptocurrency.  While some nations approved some crypto as legal tenders, others are looking at how to bring stablecoins to their primary market. Nonetheless, following a major development such as this one with BB, it remains to be seen how other nations will follow suit in the coming weeks. Until then, however, Bitfy and Banco do Brasil will continue taking the tax payments of users.