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. 

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.

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