Cryptocurrencies are gaining ground around the world. According to the press on February 11, Brazil’s oldest bank Banco do Brasil has offered crypto enthusiasts a new option to pay taxes using cryptocurrency in Brazil.
The service is offered to Brazilians who hold cryptocurrency under Bitfy’s control, which will act as a “collection partner” for the country’s largest bank. Lucas Schoch, founder and chairman of Bitfy, stated that “the new digital economy is the catalyst for a future full of advantages.”
People are gradually adopting cryptocurrencies, and this recent announcement may boost crypto adoption worldwide. Meanwhile, the Brazilian government and several other financial institutions such as the Bank of Brazil (BB) continue to influence other countries as they have shown a keen interest in cryptocurrency.
The overall market capitalization of the crypto market increased by 1.24% on February 11. Subsequently, the current crypto cap stood at $969.8 billion, at press time.
Brazil is active in the adoption of blockchain technology. In December, the Central Bank of Brazil announced its plan to launch CBDC by 2024. Furthermore, the collaboration makes taxation and settlements easier, as well as, it can help to boost cryptocurrency usage and adoption around the world.