Brazil allows tax payments in crypto

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One of South America’s largest banks has unveiled an option for Brazilians to pay taxes in crypto, thanks to a new initiative by Banco do Brasil and the crypto firm Bitfy. The move is expected to increase adoption and ease of crypto use in the country.

The bank says crypto and Brazilian real prices will be shown side-by-side when paying.
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Rio de Janeiro already approved tax payments in crypto last October.

Although Brazil failed to make Bitcoin legal tender last year, former president Jair Bolsonaro did successfully approve legislation to regularize crypto as a payment method. That law will likely be implemented by June of this year, experts say.
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