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Banco do Brasil, the oldest bank in the South American country, claims that it is now possible to do what many blockchain enthusiasts have long wanted, the ability to pay taxes in crypto.
Through a partnership with Bitfy, a startup funded by the bank’s VC arm, customers can use the app to instantly convert crypto from their account into local currency to pay and settle a tax bill.
“This partnership expands usage and access to the digital asset ecosystem with nationwide coverage,” Bitfy CEO Lucas Schoch said Friday in a statement from Banco do Brasil, which is part-owned. in the state.
Brazil has been a leader in digital payment innovations with its PIX system and passed new crypto-friendly legislation last year. The central bank is currently testing a digital currency which it plans to issue next year.
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