Brazil's oldest bank says you can now pay your taxes with crypto

Quick Take

  • Banco do Brasil says you can now pay your taxes in crypto.
  • The program is possible through a partnership with Bitfy.

Banco do Brasil, the South American country's oldest bank, says it's now possible to do what many blockchain enthusiasts have long wanted — the ability to pay the taxman in crypto.

Through a partnership with Bitfy, a startup that was funded by the bank's VC arm, clients can use the app to instantly convert crypto in their account into the local currency to pay and settle a tax bill.

"This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage," Bitfy CEO Lucas Schoch said Friday in a statement from Banco do Brasil, which is partially owned by the state. 

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Brazil has been a leader in digital payment innovations with its PIX system and passed new crypto-friendly legislation last year. The central bank is currently testing a digital currency it plans to issue next year.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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