Brazilian banking giant Banco do Brasil announced on Monday, February 11th, that Brazilian taxpayers will now have the option of paying their tax bill through cryptocurrencies, in a partnership with Bitfy, a popular blockchain solutions company. Bitfy’s CEO Lucas Schoch indicated that the “new digital economy is a catalyst for a future full of advantages”, adding that the process would be relatively straightforward for crypto users, as they will be able to see how many reals they need to pay in crypto. 

Brazilian taxpayers will indeed have access to a straightforward process, accessing their tax bill by simply scanning a barcode. This introduction confirms Banco do Brasil’s position as a leading power in innovative financial solutions, especially following Brazil’s regulatory framework of December 2022 that legalized crypto payments in the entire country, as well as Rio de Janeiro starting to accept crypto as tax payment in October, and is effectively opening the door for Banco do Brasil’s innovative policy.