Banco do Brasil allows Bitfy customers to pay taxes with crypto

Banco do Brasil ( OTCPK:BDORY ) has enabled the option to pay taxes with cryptocurrencies such as bitcoin ( BTC-USD ) and ethereum ( ETH-USD ), the Brazilian bank said in a recent statement. Customers with cryptos deposited into Bitfy, a blockchain-focused fitnech startup, will be the only ones allowed to use the new payment service. Of note, Bitfy has a stake in BB's corporate venture capital business. Financial institutions, fintech firms and other Bitfy clients will also be able to offer the solution for tax bills, fees and obligations to their customers using the deals signed by BB with public services entities, the bank explained. “The new digital economy is a catalyst for a future full of advantages," said Bitfy Founder and CEO Lucas Schoch. "This partnership makes it possible to expand the use of and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil." The move comes as lawmakers in Brazil late last year approved a bill that legalizes cryptos as a payment method in the country.