While many people worry about the recent USDC debacle, only one question remains important: Is Adoption moving forward? Yes, as evidenced by Brazil, which allows you to pay your taxes in crypto.
Crypto to pay the tax authorities in Brazil
You might not know it, but it is possible for Brazilian public and private taxpayers to pay their tax liability in crypto! To make this initiative possible, the Brazilian bank Banco do Brasil has made a partnership with the cryptocurrency exchange Bitfy. Through this partnership, taxpayers holding cryptocurrencies on Bitfy can use their assets to pay their taxes.
This initiative is beneficial for both taxpayers and the tax administration. In addition to bringing convenience to taxpayers, paying taxes in crypto expands the possibilities of receiving taxes from the public sector. Moreover, this initiative democratizes the use of crypto.
The new digital economy is a catalyst for a future full of benefits. This partnership makes it possible to expand the use and access to the ecosystem of digital assets of national scope and with the seal of security and reliability of Banco do Brasil.
Lucas Schoch, Founder and CEO of Bitfy
Paying taxes in crypto will also be easy. All the taxpayer has to do is select the cryptocurrency they want to use to pay the tax and scan the barcode to confirm payment.
Rio de Janeiro inspires all of Brazil
This is not the first time that tax payment in crypto has been done in Brazil. In October 2022, the Brazilian city of Rio de Janeiro published an executive order allowing taxpayers to use crypto to pay taxes starting in 2023. This move makes Rio the first Brazilian city to accept crypto as tax payment. With the partnership between Banco do Brasil and Bitfy, it is now the all country that accepts tax payments in crypto.
Outside of Brazil, some entities are already implementing the payment of taxes in crypto. In the Argentine province of Mendoza, crypto helps pay taxes for over six months now. In the United States, some states already have or are in the process of adopting the payment of taxes in crypto. This is particularly the case in Colorado,to New York or even in Arizona.
Brazil is increasingly becoming a land of crypto. The country already had a high crypto adoption rate, pushed in particular by the strong inflation which hits its national currency. Since the adoption of a law granting cryptocurrencies the status of means of payment, the crypto promotion initiatives are growing in Brazil. Adoption will be with Brazil and Latin America !
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
