This decision will help Brazilian taxpayers to easily solve their tax obligations and expand the possibilities of “access” of natural resources to the environment.
Brazil’s central bank is offering taxpayers a new and easier way to pay their bills in cash.
Brazil’s Banco do Brasil announced on February 11 that Brazilian taxpayers can now pay their taxes in crypto in partnership with a Brazilian crypto company.
It will be available to Brazilians with crypto managed by Bitfi, which acts as a “collecting partner” for the Brazilian central bank.
In addition to customer convenience, customers can access the property ecosystem “at scale” and use it “nationwide” while enjoying the bank’s known security.
“The new digital economy is the catalyst of the future,” said Lukas Skoch, founder and CEO of Bitfi.
“Crypto users go through a simple process that provides tax details as well as the amount of real, legal Brazilian currency, cryptocurrency, they choose to pay.”
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Taxpayers receive their taxes using a barcode, which in turn pays for a boleto, or ticket, a popular payment method in Brazil.
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The decision comes after Rio de Janeiro in Brazil began accepting cryptocurrencies as a form of taxation in October 2022.
In December 2022, Brazil introduced legislation to regulate the use of cash as a means of payment in the country.
This law may enter into force in June of this year.
Brazilian citizens have already been told they will have until May 2022 to pay taxes on transactions such as currency exchange.
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But not all crypto investors in Brazil need to advertise their business. The regulator only requires investors who trade more than 35,000 reais ($6,711) in crypto to pay a profit tax.