Brazil records steep rise in firms declaring crypto holdings.
With a surge in cryptocurrency adopters, Brazil is widely exploring the digital asset industry. About 7.8% of the population of the country, roughly 16 million individuals, now possess cryptocurrencies, the latest reports state. The acquisition of digital assets is becoming the rage in the country. Consequently, the global and local crypto exchanges acquired a significant number of users from Brazil.
In the past few months, a historic uptick has been seen in the number of these organizations reporting ownership of cryptocurrencies to the Brazilian Tax Authority (RFB). About 12,000 Brazilian firms have stated that they have kept some kind of cryptocurrency.
There was a rise in the metric in July, with more businesses coming out to say they were using cryptocurrency (11,360). The number of personal statements dropped; 35,000 fewer statements were recorded in August as compared to July.
The metric is still undoubtedly high, as more than 1,300,00 people have admitted to owning some kind of cryptocurrency.
The Brazilian Tax Authority (RFB) updates the market on monthly fluctuations. It updates the number of required declarations of cryptocurrency ownership, giving a peep into the industry’s development and future course.
Tether’s dollar-pegged stablecoin, USDT, is among the most frequently traded tokens in the country. USDT was used to transfer almost $1,4 billion over 79,836 separate transactions, the average transaction value being $18,000 in August.
Bitcoin still topped, considering the total number of transactions throughout the same time period. It recorded transactions worth more than $2.1 million in August. However, the money exchanged was significantly less, the average being $130 per deal.
Along with ETH and USDC, another dollar-pegged stablecoin, BRZ, is the first Brazilian real-pegged stablecoin that recorded considerable price fluctuations.
A record-high number of individuals declaring crypto ownership to the Brazilian Tax Authority in July hints at the rapid expansion of the cryptocurrency sector in the country.
Consequently, several financial tech firms like Picpay and Nubank, along with conventional banking institutions like Santander, declared their plans to offer cryptocurrency services.