LBank celebrates Brazil’s move to allow citizens to pay taxes with crypto

by Arthur · February 23, 2023

Road Town, BVI, February 23, 2023, Chainwire — Banco do Brasil (BB), Brazil’s largest public bank, partially owned by the Brazilian government, issued a statement last Friday announced that Brazilian taxpayers will now be able to settle their dues using crypto. The Services are provided by Bitfy, a Brazil-based cryptocurrency payment processor, which exchanges paid cryptocurrencies for Brazilian reals in real time.

“Brazil is seeing broader crypto adoption, both institutionally and with its number of crypto users. It’s exciting to see this South American nation become one of the most crypto-friendly countries in the world and a leading force in the industry. This is a landmark move by BB, which takes it to the forefront of the game,” shared LBank CMO Kaia Wong.

In October 2022, Rio de Janeiro similarly allowed taxes to be paid using crypto. Two months later, Brazilian President Jair Bolsonaro signed a bill on crypto regulation, making it legal to use cryptocurrency as a payment method in the country. The law will probably enter into force in June 2023.

This new facility provides taxpayers with a convenient way to settle tax liabilities and also access a digital asset ecosystem, all under the “security stamp and trustworthiness of BB”. “The new digital economy is a catalyst for a future full of benefits,” commented Lucas Schoch, Bitfy’s founder and CEO.

The services are available to customers with crypto under Bitby custody. In addition, Bitfy customers – fintechs and financial institutions – are allowed to offer similar tax payment options to their customers based on existing agreements between BB and various public service agencies. Bitfy, which acts as a “funding partner” for BB, received one investment from BB’s Corporate Venture Capital program in November 2022.

By scanning a barcode or entering a number, taxpayers will be able to access their tax bills and pay their taxes. Crypto and Brazilian real prices will be displayed side by side when you pay. It will be processed instantly by Bitfly, exchange cryptocurrencies for Brazilian reals and transfer to institutions.

About LBank

LBank is one of the best crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services and secure crypto trading to its users. The platform has over 9 million users from more than 210 regions worldwide. LBank is a pioneering growing platform that ensures the integrity of users’ funds and aims to contribute to the global use of cryptocurrencies.

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