Banco do Brasil achieves an advancement in the crypto department by partnering with Bitfy. The partnership allows Bitfy to collect taxes from its users through cryptocurrencies, providing a convenient and seamless manner to settle their tax dues. While the option is currently limited to the users of Bitfy, it definitely signals that there is hope and a manner in which crypto holdings can be leveraged without changing anything in the traditional system.
Bitfy will act as the collection partner for the bank. Customers will be at liberty to avail themselves of the facility to pay for fees, tax bills, and other obligations. This is a significant development as it places Banco do Brasil at the forefront of modern solutions while providing an efficient manner to receive taxes.
To reiterate, the facility is currently restricted to the users of Bitfy applications, who can simply pay their tax dues by selecting the cryptocurrencies and then scanning the barcode. Conversions and settlements happen almost instantly after the information has been validated before the payment confirmation. The goal is to provide users with a fluid and secure experience.
Customers and the public entity do not need to establish a new agreement among themselves since there is no change in the manner of tax collection except for the fact that crypto has been added to the option.
Lucas Schoch has talked about development by calling the new digital economy a catalyst for a future that is full of advantages. Lucas has also highlighted the benefits that the partnership brings to the table. According to the Founder and CEO of Bitfy, the partnership makes the expansion of use cases for cryptocurrencies a reality in the real world while covering the entire nation at the same time.
What really gives the partnership and its offering confidence is the backing of Banco do Brasil, with its seal of reliability and security. Bitfy specializes in blockchain and belongs to the fintech sphere.
Following the development, it becomes essential to ask if other nations will follow the trend in the days to come. The adoption of cryptocurrencies has been a debatable topic in almost every country. Some have focused more on bringing stablecoins to the primary market, while others have given the go-ahead to explore the opportunities with decentralized cryptocurrency. With Banco do Brasil showcasing how it accommodates the modern world’s requests with traditional mechanisms, it is safe to assume that the world may take its time to follow the trend. Still, it will indeed look forward to exploring what can be done with crypto.
Until then, Banco do Brasil and Bitfy have some tax collections to do while simultaneously standing up to their vision of being at the top of modern and efficient solutions in the fintech sector.
