Brazil’s oldest bank, Banco do Brasil, has developed a way to automatically prompt Brazilian residents to create a system to pay their taxes using Bitfy, a cryptocurrency service in Latin America. After launch of this new service, Bitfy will account for tax payment activities performed by the resident.
The bank was eventually acknowledged among the top institutions supporting crypto in the following year. As a result of this, Brazil decided to approve crypto as a legal payment method.
Bitfy and Brazil have an active relationship with Bitfinex Corporation, a cryptocurrency firm that has invested in the bank’s corporate venture capital program.
The tax payment process
To comply with tax filings using the app, you will be required to select the cryptocurrency you want to use, take the barcode, or use sequential identifiers to confirm the transaction.
All of the important payment information will show up during the Interphase the taxpayer must review to ensure the transaction has been carried out as intended. A conversion transaction will take place as per the current market rate immediately.
Bitfy’s CEO, Lucas Schoch, asserted that the new digital age strengthens the beginning onward to more promising times. He stated that the agreement will proceed to further enlarge the adoption of cryptocurrencies and grow awareness of the digital economy in the country.
CoinLedger’s tally keeps track of which 31 million crypto investors in the United States need to file income taxes with the Internal Revenue Service (IRS).
