{"id":10328,"date":"2023-02-12T07:38:04","date_gmt":"2023-02-12T07:38:04","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10328"},"modified":"2023-02-12T07:38:05","modified_gmt":"2023-02-12T07:38:05","slug":"brazils-oldest-bank-allows-residents-to-pay-their-taxes-using-crypto","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10328","title":{"rendered":"Brazil\u2019s oldest bank allows residents to pay their taxes using crypto"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies.<\/p>\n<p>According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now \u201cpossible\u201d for Brazilian taxpayers to pay their tax bill with crypto, in a joint initiative with Brazilian-based crypto firm Bitfy.<\/p>\n<p>It is available to Brazilian\u2019s who have their crypto under the custody of Bitfy, which will act as a \u201ccollection partner\u201d for the major Brazilian bank.<\/p>\n<p>It noted that besides the convenience it brings to customers, it could \u201cexpand\u201d the use and access to the digital asset ecosystem with \u201cnational coverage,&#8221; while having the comfort of a reputable bank providing consumer protection.<\/p>\n<p>Lucas Schoch, Bitfy\u2019s founder and CEO added that the \u201cnew digital economy is a catalyst for a future full of advantages.\u201d<\/p>\n<p>It was stated that crypto users will experience a straightforward process, as the tax details will be displayed, as will the equivalent amount of Reais, the official currency of Brazil, be converted into the chosen cryptocurrency.\u00a0<\/p>\n<p>Taxpayers will access their tax bill by scanning a barcode, similarly to how they pay \u201ca boleto,\u201d meaning \u201cticket,\u201d a popular payment method in Brazil.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Brazil could cement its status as an economic leader thanks to 2024 CBDC move<\/em><\/strong><\/p>\n<p>This move comes after Brazilian city Rio de Janeiro started accepting cryptocurrencies as payments for taxes in October 2022.<\/p>\n<p>More recently in Dec. 2022, Brazil passed a regulatory framework that legalizes the use of cryptocurrencies as a payment method within the country.<\/p>\n<p>The law will likely come into effect in June later this year.<\/p>\n<p>Brazil\u2019s citizens were previously told they would be required to pay taxes on like-kind crypto trades, for example swapping Bitcoin (BTC) for Ethereum (ETH), in May 2022.<\/p>\n<p>However, not all crypto investors in Brazil need to declare their trades, with the regulator establishing that only investors who trade more than BRL 35,000 (approximately $6,711 US) in crypto should pay income tax.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/brazil-s-oldest-bank-allows-residents-to-pay-off-tax-bill-with-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies. According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now \u201cpossible\u201d for Brazilian taxpayers to pay their tax bill with crypto, in a joint initiative with Brazilian-based crypto firm [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10328"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10328\/revisions"}],"predecessor-version":[{"id":10330,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10328\/revisions\/10330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10329"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}