Banco do Brasil customers can pay taxes with cryptocurrencies

Have you ever heard of cryptocurrencies? Cryptocurrencies are assets fingerprints or virtual ones that use cryptography to protect transactions and control the creation of new units. They operate independently of a central bank or single administrator, and transactions are recorded on a decentralized public ledger, commonly known as the blockchain.

The cryptocurrency, better known as Bitcoin, was created in 2009. Although Bitcoin was initially developed as a decentralized alternative to traditional currencies, some cryptocurrencies were created for specific purposes, such as providing privacy or facilitating contracts smart.

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If you are a Banco do Brasil (BB) account holder, know that it is possible to pay taxes with cryptocurrencies. The service is in the testing phase, available only to those who have crypto assets in custody at Bifty, startup (innovative company) specializing in blockchain (encrypted database type).

Banco do Brasil Corporate Venture Capital Program

This BB program that invests resources in startup companies, thus, Bifty will start to act as a partner of the bank. A startup will offer services that allow partners (financial institutions, fintechs, among others) to offer the payment of taxes, fees and obligations through agreements signed by BB with the Union, local governments and concessionaires of public services.

The option will work similar to paying a bank slip with a barcode. Thus, the customer only has to choose the cryptocurrencies with which he wants to pay the tax, capture the barcode or insert the sequence of numbers. After performing this process, all tax information will appear to be validated. From there, just confirm the payment. The Bifty app can be downloaded from the link https://bitfy.app/.

According to Banco do Brasil, the experience is safe for both citizens and the public. After all, cryptocurrencies have gained popularity as an investment and as a means of payment for goods and services.

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