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A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies.<\/p>\n
According to a statement<\/a> published by Brazilian bank Banco do Brasil on Feb. 11, it is now \u201cpossible\u201d for Brazilian taxpayers to pay their tax bill with crypto, in a joint initiative with Brazilian-based crypto firm Bitfy.<\/p>\n It is available to Brazilian\u2019s who have their crypto under the custody of Bitfy, which will act as a \u201ccollection partner\u201d for the major Brazilian bank.<\/p>\n It noted that besides the convenience it brings to customers, it could \u201cexpand\u201d the use and access to the digital asset ecosystem with \u201cnational coverage,” while having the comfort of a reputable bank providing consumer protection.<\/p>\n Lucas Schoch, Bitfy\u2019s founder and CEO added that the \u201cnew digital economy is a catalyst for a future full of advantages.\u201d<\/p>\n It was stated that crypto users will experience a straightforward process, as the tax details will be displayed, as will the equivalent amount of Reais, the official currency of Brazil, be converted into the chosen cryptocurrency.\u00a0<\/p>\n Taxpayers will access their tax bill by scanning a barcode, similarly to how they pay \u201ca boleto,\u201d meaning \u201cticket,\u201d a popular payment method in Brazil.<\/p>\n Related:<\/u><\/em><\/strong> <\/em><\/strong>Brazil could cement its status as an economic leader thanks to 2024 CBDC move<\/em><\/strong><\/a><\/p>\n This move comes after Brazilian city Rio de Janeiro started accepting<\/a> cryptocurrencies as payments for taxes in October 2022.<\/p>\n More recently in Dec. 2022, Brazil passed a regulatory<\/a> framework that legalizes the use of cryptocurrencies as a payment method within the country.<\/p>\n The law will likely come into effect in June later this year.<\/p>\n Brazil\u2019s citizens were previously told they would be required to pay taxes on like-kind crypto trades<\/a>, for example swapping Bitcoin (BTC<\/a>) for Ethereum (ETH<\/a>), in May 2022.<\/p>\n However, not all crypto investors in Brazil need to declare their trades, with the regulator establishing that only investors who trade more than BRL 35,000 (approximately $6,711 US) in crypto should pay income tax.<\/p>\n<\/div>\n