Banco do Brasil (BB) account holders will be able to pay taxes with cryptocurrencies. In the testing phase, the service is only available to those who have crypto assets in custody at Bifty, startup (innovative company) specializing in blockchain (encrypted database type).
With investments from funds from Banco do Brasil’s Corporate Venture Capital Program, a program that invests resources in startup companies, Bifty will start to act as a partner of the bank. A startup will offer services that allow partners (financial institutions, fintechsamong others) offer the payment of taxes, fees and obligations through agreements signed by BB with the Union, local governments and concessionaires of public services.
Still exclusive to users of the Bifty app, the option will work similarly to paying a barcode bill. The customer just needs to choose the cryptocurrencies with which he wants to pay the tax, capture the barcode or type the sequence of numbers. All tribute information will appear to be validated, prior to payment confirmation.
In this technology, the operation is converted into reais and settled instantly. According to Banco do Brasil, the experience is safe for both citizens and public entities. The tax is paid without the need for new agreements or changes in the way of receiving taxes. The Bifty app can be downloaded from the link https://bitfy.app/.
