The Bank of Brazil announced that citizens can now pay taxes in cryptocurrency. According to the article on its official website, the oldest financial institution in Brazil shows that it is possible to actively cooperate with Bitfy, a popular blockchain technology solution company that invests in BB's corporate venture capital solution (CVC).

Through various collaborations, Brazilians with Bitfy cryptocurrency can now easily pay taxes, fees and government debts with their property. The system behind this service is similar to that customers pay for air tickets according to the captured barcode. With Bitfy application software, operators only need to select their preferred cryptocurrency for payment, and then scan the barcode to confirm payment.

Leading Brazilian Bank

The introduction of this technology only means that the Bank of Brazil is at the leading level in contemporary financial solutions. In addition to providing citizens with a convenient and easily accessible tax payment method, the successful implementation of this measure may change the layout of the banking industry

It is also worth noting that the contract between the Brazilian bank and Bitfy also allows all partners of the state-owned commercial bank - Internet finance, financial enterprises - to provide users with similar tax payment options according to the current agreement between BB and some public service institutions

The founder and CEO of Bitfy pointed out when evaluating this remarkable development trend:“tonA new data economy is a metal catalyst full of competitiveness in the future. This strategic partnership makes it possible for us to expand the use and browsing scope of the digital currency ecosystem across the country, and gain the security and stability of the Brazilian bank. "

Interestingly, the Bank of Brazil is welcomed by its friendly participation in the field of data encryption. In April 2021, BB became the first state-owned commercial bank in Brazil to provide customers with data encryption ETFs（ETF）

Brazilian cryptocurrency

The Federal Republic of Brazil is generally known as one of the most friendly countries to cryptocurrencies in the world. Its policies, regulations and policies are designed to promote its citizens to choose cryptocurrencies and other digital currencies

In December of last year, the President of the United States of Brazil, Jakudi Borsonaro, signed a decree, bringing a comprehensive and strict regulatory framework for the use and trading of cryptocurrency in China

At this stage, the total market value of the cryptocurrency sales market is 971.47 billion US dollars | Origin: Total data chart in TradeView.com.

According to these new regulations, the Brazilian government legalizes cryptocurrency as the payment method or investment asset of Latin American countries

Although the bill does not grant the position of "circulating currency" to all cryptocurrencies, the recognition of this digital currency by the laws of the host country will greatly promote its adoption.

In addition to the Brazilian government, in recent years, many financial enterprises such as Bank of Brazil have shown great interest in cryptocurrency. In fact, it is particularly noteworthy that the number of ETFs provided by Brazilian Banking Corporation is the largest in South America.