The oldest bank of Brazil, Banco do Brasil, which was created on October 12, 1808, will now allow citizens to pay their taxes in cryptocurrency.
According to the Brazilian bank’s announcement, it will help locals process their debts by utilizing digital assets. In a statement, Banco do Brazil stated that it has partnered with the exchange Bitfy to assist users in utilizing digital assets to offset their taxes. The initiative with the exchange intended to serve the interests of people and provide a simple method of processing their tax payments.
Using the agreements BB has signed with businesses and vendors of public services, the service enables partners, like financial institutions, fintechs, among others, to offer the payment option for tax bills, fees, and obligations to their clients.
To validate the transaction, customers must choose the cryptocurrency they wish to use, scan the barcode, or utilize the sequence numbers.
All required payment details will be displayed on the interphase for the taxpayer to confirm before the payment is executed. As soon as the transaction is started, the conversion rate will occur at market price.
Other banks’ experiences with cryptocurrency
Many banks around the globe are turning to cryptocurrency and advocating for the implementation of cryptocurrency to use as an effective way compared to fiat currency transactions; examples of these banks are SEBA Bank and Woori Bank. SEBA and Woori are not the only banks that are utilizing blockchain technology to produce quick, secure, and effective services for their clients. The positive feedback received from clients shows that very soon the entire world may shift from fiat currency to cryptocurrency.
A simple fee structure strategy was designed at the outset of Bitfy’s development to assist the client to maintain control over their bottom line. Bitfy was established as a private processor operating a single, high-volume offshore merchant.