Banco do Brasil, Brazil’s largest state bank, has entered into a partnership with fintech company Bitfy. As part of a joint project, they aim to give users the opportunity to pay taxes using cryptocurrency.

Banco do Brasil’s venture capital arm is reportedly investing in Bitfy, the company behind the venture. The new service will allow bank customers to instantly convert cryptocurrency in their accounts to Brazilian reals and pay taxes using Bitfy.

It should be noted that today Brazil is the leader in the promotion of digital payments in South America. It also takes multiple steps to regulate cryptocurrency holdings.

The country’s authorities and financial institutions are preparing for the widespread use of the national digital currency. Banco do Brasil is positioning itself at the forefront of Brazil’s digital financial revolution by introducing digital asset payments for tax purposes.