Bitfy Joins Brazil’s Longest-running Bank for Crypto Taxation

Brazil Surpasses 1M Bitcoin And Crypto Users
  • Bitfy collaborates with a Brazilian bank for taxpayers to pay in cryptocurrency.
  • The partnership would enable the transparent processing of tax payments 
  • Taxpayers could choose their preferred cryptocurrency

In a collaborative venture with Bitfy, the Brazilian bank Banco do Brasil now offers cryptocurrency tax payments for Brazilians.

It is accessible to Brazilians whose cryptocurrencies are held in custody by Bitfy, which will operate as a collecting partner for the largest Brazilian bank.

In addition to the ease it delivers to clients, this could facilitate broader access to the digital asset ecosystem with nationwide coverage while providing consumers with the security of a respected bank.

Bitfy’s founder and CEO, Lucas Schoch, stated:

The new digital economy is a catalyst for a future full of advantages. This partnership makes it possible to expand the use and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil

The tax information would be provided, and an equal amount of Brazilian Reals, the country’s official currency, would be converted into the user’s preferred cryptocurrency.

In other developments, the SEC may investigate Coinbase staking after Kraken’s collapse. After Kraken’s $30 million settlement, the US Securities and Exchange Commission (SEC) may target Coinbase’s staking program next. However, Coinbase may be a tougher nut to crack, as it appears the number two cryptocurrency exchange has no intention of backing down from a legal confrontation.

A lawsuit from the SEC may not come as a surprise to Coinbase. In fact, CNL has revealed that Coinbase CEO Brian Armstrong anticipates an SEC assault on all US-based staking retailers.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.