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Brazilian bank to support crypto tax payments

"Brazil investment bank BTG Pactual Launches New Stablecoin Backed by US Dollar

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TL;DR

  • Brazilian bank to process crypto tax payments
  • The Brazilian bank is partnering with Bitfy
  • Brazil set to legalize crypto payments

A Brazilian bank has announced that it will help residents process their dues using digital assets. A statement by Banco do Brazil mentioned that it has teamed up with exchange Bitfy to help users offset their tax using digital assets. In the published statement, the bank said the initiative with the exchange was to serve the people’s interest and provide an easy way to process their tax payments.

The Brazilian bank is partnering with Bitfy

According to its statement, the Brazilian bank mentioned that residents who want to leverage this opportunity must first open an account at Bitfy. However, the bank clarified that users who already own accounts at the exchange do not need to sign up for another one.

The Brazilian bank believes that aside from helping people pay their taxes easily, it will open up the country to using and adopting crypto. In addition, residents would rest assured that a reputable institution is processing their payments, eliminating fraud claims. Reacting to the news, the CEO of the exchange said that the space is being accepted with open arms because it has many advantages.

Brazil set to legalize crypto payments

The announcement mentioned that residents who want to leverage the Brazilian bank would be able to handle any difficulties or hitches. After logging into their account, users would see their details and pay the crypto equivalent of their taxes. Residents will need to scan a barcode to access their complete tax information. The statement mentioned that it would be as easy as using a ticket to make payments. This move is coming after Rio de Janeiro announced that residents can now pay their taxes using digital assets.

After that, Brazil released an official statement stamping crypto as an official payment method across the South American country. Although already passed, the law will kick into effect in the later part of this year. However, Brazilians have been told that they would be required to pay taxes on the conversion of digital assets. In this case, the statement mentioned that since only investors that carry out trades worth $6,700 are required to declare their trades, they are the ones that would be charged the income taxes that come with the digital assets.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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