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Bank of Brazil has partnered with Bitfy to allow citizens to pay their taxes with cryptocurrency.
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This financial development is made possible via a partnership between the bank and Bitfy.
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Brazilians holding cryptocurrencies with Bitfy can now pay their taxes, fees, and governmental obligations using their assets.
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The payment mechanism is similar to paying for a ticket by capturing a barcode.
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Taxpayers need only select their preferred cryptocurrency for payment and scan a barcode to confirm payment.
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The introduction of this technology confirms the Bank of Brazil’s position as a leader in modern financial solutions.
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This initiative could potentially transform the banking landscape.
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The contract between the Bank of Brazil and Bitfy also allows fintech and financial institutions to extend similar tax payment options to their customers.
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The CEO of Bitfy stated that the partnership will expand the use and access to the ecosystem of digital assets with national coverage and with the security and reliability of the Bank of Brazil.
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The partnership is seen as a catalyst for a future full of advantages in the new digital economy.