Banco do Brasil (BB), Brazil’s largest public bank, partly owned by the Brazilian government, released a statement last Friday announcing that Brazilian taxpayers will now be able to settle their dues using crypto. Services are provided by Bitfy, a Brazil-based cryptocurrency payment processor, which exchanges paid cryptocurrencies for Brazilian reals in real-time. 

In October 2022, Rio de Janeiro similarly allowed taxes to be paid using crypto. Two months later, Brazilian president Jair Bolsonaro signed a crypto regulation bill, making it legal to use cryptocurrency as a payment method in the country. The law will likely come into effect in June 2023. 

This new enablement gives taxpayers a convenient way to settle tax liabilities and also gain access to a digital asset ecosystem, all under the “seal of security and reliability of BB”. “The new digital economy is a catalyst for a future full of advantages,” Lucas Schoch, Bitfy’s founder and CEO, commented.

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