Monday, January 30, 2023
HomeBitcoinFirms Declaring Crypto Holdings in Brazil Steeply Rises

Firms Declaring Crypto Holdings in Brazil Steeply Rises

  • More than 1,300,000 people have said they own some kind of cryptocurrency.
  • BRZ, the first Brazilian real-pegged stablecoin, had considerable price fluctuations.

Recent months have seen a historic uptick in the number of these organizations reporting ownership of cryptocurrencies to the Brazilian Tax Authority (RFB). According to the statistics, which back up the claims made in August. Over 12,000 Brazilian firms have admitted to keeping some cryptocurrency.

July saw a rise in this metric as more businesses came out to say they were using cryptocurrency (11,360). But there was a decrease in personal statements in August compared to July, with 35,000 fewer statements recorded. More than 1,300,000 people have said they own some kind of cryptocurrency, thus this metric is still rather high.

The Brazilian Tax Authority (RFB) regularly updates the market on monthly fluctuations in the number of required declarations of cryptocurrency ownership, providing a window into the industry’s development and future course.

Further Boost Expected

Tether’s dollar-pegged stablecoin, USDT, is one of the most frequently traded tokens in the nation. In August, USDT was used to facilitate the transfer of almost $1.4 billion over 79,836 separate transactions, with an average transaction value of about $18,000.

When comparing the total number of transactions throughout the same time period, however, bitcoin came out on top. More than $2.1 million worth of Bitcoin transactions were performed in August. However, far less money was exchanged hands, with an average of over $130 per deal. Alongside ETH and USDC, another dollar-pegged stablecoin, BRZ, the first Brazilian real-pegged stablecoin, had considerable price fluctuations.

Since a record number of individuals declared crypto ownership to the Brazilian Tax Authority in July, these figures demonstrate the rapid expansion of the cryptocurrency sector in the nation. As a result, several financial technology firms like Picpay and Nubank, as well as more conventional banking institutions like Santander, have declared their plans to provide cryptocurrency services.

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