Customers will be able to use the BdB banking app to automatically convert the cryptocurrencies that come into their wallets into their local currency to pay taxes. Responsible for the technical solution is Bitfy, a startup that was funded by the venture arm of a Brazilian bank.
“This partnership will make it possible to expand access to the government-backed digital asset ecosystem,” said Bitfy CEO Lucas Schoch.
Brazil continues to lead South America in developments in the field of digital payments, as well as the development of legislative regulation of crypto assets. In the near future, the country is going to test the state digital currency. Earlier, the head of the Coinbase cryptocurrency exchange, Brian Armstrong, said that BTC could become legal tender for Brazil and Argentina.