The crypto market gains a new space among Brazilian financial institutions. Shortly, Banco do Brasil account holders (BB) will be able to pay their taxes using cryptocurrencies. Institutions and fintechs will be able to pay tax guides, fees and obligations using virtual currency through agreements between BB bank, the Union, local governments or utility companies.
This new feature is still in the testing phase and will only be accessible to those who have crypto assets held by Bifty., startup specializing in blockchain. BB's fundraising partnership with the company was announced in an official note by the bank on Friday, 10 February. The institution also took the opportunity to announce that the new feature is safe for everyone involved..
How operations will work?
Cryptocurrency transactions should be practical and simplified. Nonetheless, to take advantage of this service, Banco do Brasil customers must create an account in the Bifty application. Furthermore, transactions will take place exclusively via the app.
The startup advised account holders to go to the application's home page and click on the “Tax with BB” option. Ali, the customer can choose the cryptocurrencies available for transactions, like Bitcoin (BTC) ou Ethereum (ETH).
Processing will work in a similar way to payment via bank slip. Like this, customers will be able to use the barcode to make payment. Like this, the user must only choose which currency will pay the taxes, scan the code or type the numerical sequence of the document.
After, simply validate the information regarding taxes and confirm payment. The banking technology will be in charge of converting the chosen cryptocurrency into reais and settling it instantly.
Download for the application
The service is the result of a partnership between the financial institution and the company through the BB Venture Capital Program investment fund. The bank seeks to invest in startups and companies and the investment with partner Bifty took place in November last year.
In note, the CEO of the partner startup, Lucas Schoch, also expressed. “Now that we have sealed this strategic partnership we will drive the adoption of the new DeFi economy, developing the necessary infrastructure to expand autonomy and democratize the use of and access to the digital asset ecosystem throughout Brazil”, stated.
To access the services, the application can be downloaded from the following link: https://bitfy.app/.
