Brazil authorizes payment of taxes with cryptocurrencies

Banco do Brazil announced the possibility of paying state taxes with stablecoins

The ease provided by cryptocurrencies when carrying out any transaction encourages Banco do Brazil to implement state tax payments with this modality.

The financial entity, one of the most important in the hands of the Brazilian government, recently announced the measure, so that citizens comply with the payment of state taxes.

In this way, the adoption of cryptocurrencies in the financial system is consolidated in the South American country, through the agreement made at the time between Bitfy and the Brazilian government.

The financial entity will accept the digital currencies “Bitcoin, Ethereum, Decentraland, Chainlink, Algorand, Solana, Ripple, Polkadot, Avalanche, Dash and Binance Coin, which will have to be deposited in the application’s wallet to be used.”

Citizens who wish to pay taxes with said cryptocurrencies will have the option of a payment number or a barcode scanning system that will be processed instantly by Bitfy. In this way, digital currencies will be exchanged for Brazilian reais and, subsequently, the funds will be transferred to the institutions.


Source: cripto247

(Reference image source: Unsplash, in collaboration with Wesley Tingey)

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