Brazilian bank Banco do Brasil added an option for the customers to opt for cryptocurrencies payment to pay taxes.
Over the past many years, it has been found that the Crypto sector grabbed better support in the Brazilian crypto market. In Brazil, many companies accept Crypto because crypto assets are movable property under the laws of the country’s law. To this date, the crypto sector is under a grey region without any precise crypto regulatory framework.
On 11 Feb 2023, bank Banco do Brasil, one of the oldest banks in Brazil, announced that the Bank added a new option for the customers through which they can deposit crypto assets to pay their Tax liabilities.
For this service, the Bank established a partnership with Bitfy. Bitfy is providing custody service for this bank. Under this partnership, the Bank aimed to expand the use of crypto assets in its ecosystem to national coverage.
Bitfy CEO Lucas Schoch said that such Crypto payment support will act as an initial phase to push the use & innovation of the digital economy of cryptocurrencies.
Earlier, in October 2022, the Brazilian city of Rio de Janeiro started to accept Bitcoin from the citizens for tax bills.
In Dec 2022, the authorities in Brazil helped to pass a regulatory bill in the country to bring better clarity & better regulation on cryptocurrencies services. That bill came into effect in a law officially in June of this year.
In the present time, small crypto traders are also enjoying Crypto trade profit easily. All the retail crypto traders in the country are free from tax of Crypto trade 35,000 reals (around $6,711). So we can see that citizens in Brazil are living under freedom and the majority of them are not under any hurdle to reporting their crypto trade activities & profit.