Brazilians can now Pay Taxes using Cryptocurrencies

Brazilians can now Pay Taxes using Cryptocurrencies

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The use of cryptocurrencies is growing in popularity all around the globe. On February 11, local news reported that Brazil’s oldest bank, Banco do Brasil, has made available to aficionados of cryptocurrencies a new alternative for paying taxes in Brazil using bitcoin.

The service is provided to Brazilians who hold cryptocurrencies in an account managed by Bitfy, which will serve as a “collection partner” for the most prominent financial institution in the nation. According to the statement made by Lucas Schoch, the creator and chairman of Bitfy, “the new digital economy is the trigger for a future full of benefits.”

People are beginning to use cryptocurrencies more and more, and a new statement may speed up cryptocurrency adoption all across the globe. In the meanwhile, the government of Brazil and various other financial institutions, such as the Bank of Brazil (BB), have continued to exert their influence on other nations despite their lack of enthusiasm for cryptocurrencies.

On February 11, the total market capitalization of all cryptocurrencies saw a 1.24% gain from the previous day. After then, the total value of all cryptocurrency was estimated to be $969.8 billion at the time of this writing.

The use of blockchain technology is now being actively pursued in Brazil. The Brazilian Central Bank made public in December its intention to begin trading in CBDC by the year 2024. Additionally, the partnership makes taxes and payments simpler, and it has the potential to contribute to an increase in the use of and acceptance of cryptocurrencies all over the globe.

Compiled by Coinbold

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