Brazil has become the latest country to recognise cryptocurrencies as a valid payment option
The law behind this move has been recently approved.
Former President Jair Bolsonaro officially signed the bill into law before losing the general election, exiting as leader late last year.
The law creates a comprehensive set of regulations for the utilisation and exchange of cryptocurrencies, such as Bitcoin.
Banco do Brasil, one of the oldest banks in the country, will now allow citizens to make tax payments in cryptocurrencies.
The bank has also partnered up with Bitfy, a blockchain FinTech firm, to make this happen in Brazil.
“The service allows partners (financial institutions, FinTechs, among others) to offer the payment solution for tax bills, fees, and obligations to their customers, using the agreements signed by BB with entities and concessionaires of public services,” Bitfy CEO Lucas Schoch said in a statement.
