Over 12,000 Brazilan Firms Hold Crypto, Says Local Tax Authority

Brazil recorded an increase in the number records of institutions and businesses claiming to own some cryptocurrencies.A recent survey has shown that a majority of respondents are satisfied with their experience. report Brazilian Tax Authority (RFB)

This report revealed that over 12,000 Brazilian businesses admit to using cryptocurrencies in their revenues. This is a significant increase over the 11,360 confirmed companies in July.

However, there was a 35,000 decrease in the number of people who confirmed they owned cryptocurrencies that month. 

The  The adoption rate is still at an all-time high. Given the fact that more than 1.3million people registered.

These information were sourced from the RFB’s monthly mandatory report on ownership of cryptocurrency. This gives a quick overview of how the market is doing.

The report also showed that USDT is the stablecoin that can be used to convert dollars into USD.

USDT was used to move over $1.4 billion in USDT transactions covering 79.836 operations in August. Transactions averaged almost $18,000 each.

However, comparing the number of transactions executed in the same period, Bitcoin surpassed tether’s USDT, with more than 2.1 million transactions made using BTC.

Nevertheless, one thing worth noting is that the aggregated money involved was much less, holding out with an average amount of about  $130 per transaction.

Not only USDT but also BTC were adopted. BRZ, the first Brazilian real-pegged stablecoin, ETH, and USDC – another dollar-pegged stablecoin, also registered unprecedented levels of movement.

While the cause for the crypto adoption in Brazil might be due to the issue the country’s economy is facing, which has made dollar-pegged stablecoins and digital assets appealing.

It could be a positive thing that foreign crypto companies will start to move to the region. Friday’s announcement by crypto exchange platform FTX was that Visa Inc. will continue to expand its rollout of crypto debit cards in 40 countries, which includes a lot of Latin America.

A leading US-based provider of cryptocurrency solutions for businesses also opened in August Ripple, has announced the launch in Brazil of its crypto-on-demand liquidity (ODL).

Image source: Shutterstock



Leave a Reply

Your email address will not be published. Required fields are marked *


Follow NovaUmi

Let's connect on any of these social networks!

Subscribe to our newsletter.

We respect your privacy

Read More

Related Posts