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Bank Of Brazil Now Allows Citizens To Pay Taxes With Crypto

Bank Of Brazil Now Allows Citizens To Pay Taxes With Crypto

Banco do Brasil, Brazil's national bank, has integrated the ability to pay taxes using digital assets.

Bank customers can use the app to instantly convert the cryptocurrency in their account into Brazilian reals to pay taxes.

"This partnership allows increased use and access to the digital asset ecosystem with a national reach," said Bitfy CEO Lucas Schoch.

As a reminder, in late 2022, Brazilian President Jair Bolsonaro signed a law that enshrines bitcoin as a means of payment and investment asset.

The head of the country's central bank Roberto Campos Neto announced the regulator's plans to issue CBDC in 2024 after a closed pilot program with financial institutions.

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