The company announced its solution as the first of its kind, stating that the adoption of blockchain technology will streamline public processes, bringing more transparency and credibility to institutions.
Also read: Brazil will test the security and privacy levels of Real Digital transactions
Bitfy, which received an investment from Banco do Brasil in November seeking to integrate tokenization and payment services into its portfolio, also announced the line of cryptocurrencies supported for these payments. ANDAmong them are Bitcoin, Ethereum, Decentraland, Chainlink, Algorand, Solana, Ripple, Polkadot, Avalanche, Dash and Binance Coin, which will have to be deposited in the application’s wallet to be used.
This development is possible thanks to the agreements that Bitfy has made with government institutions, expanding the reach of its tax payment tools nationwide. The tax payment process with this tool will include entering a payment number or scanning a barcode for the payment, which will be processed by Bitfly immediately, exchanging cryptocurrencies for Brazilian reais and transferring them to the institutions.
The announcement brings a new use for cryptocurrencies in the country, after the recent sanction of a lcryptocurrency law that opens the door for the inclusion of these assets in more financial activities in Brazil.
Binance is also working to gain a piece of the crypto payments market in the country, having announced the launch of a crypto prepaid card in January as part of its expansion push in Latin America.
Source: Ambito
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