Brazil Registers Record Number of Institutions Declaring Cryptocurrency Holdings – News Bitcoin News

Brazil registered the highest number of companies and organizations claiming ownership of cryptocurrencies in August. The numbers come directly from the Brazilian Tax Authority (RFB), showing that more and more institutions are eager to buy. cryptocurrency and also indicated that the most significant volume is transferred using Tether’s stablecoin usdt.

Institutions are holding more crypto in Brazil

Institutions are attracted to crypto holdings in Latam countries due to the specific problems of their economies. Recently, the Brazilian Tax Authority (RFB) register record increase in the number of these institutions claiming ownership of several cryptocurrencies. The numbers, which correspond to August’s statements, show that more than 12,000 companies in Brazil admit to holding crypto as part of their coffers.

The index is up from the number of companies that claimed to have cryptocurrencies in July (11,360). However, individuals’ reporting recorded a slowdown when compared to July, registering 35,000 fewer reports in August. However, the index remains high, with over 1,300,000 individuals claiming they have some crypto as part of their wealth.

Every month, the Brazilian Tax Authority (RFB) informs the market about movements in the number of mandatory declarations related to cryptocurrency ownership for an overview of the development and direction of the cryptocurrency. market.

USDT Still a king

USDT, the dollar-pegged stablecoin issued by Tether, is one of the most used tokens in the country, at least when it comes to moving value. Over $1.4 billion was transferred using USDT over 79,836 active in August, with an average of nearly $18,000 per transaction.

However, bitcoin beats USDT when comparing the number of transactions made in the same period. In August, more than 2.1 million transactions were made in BTC. However, the amount involved is much less, reaching an average of nearly $130 per trade. BRZ, Brazil’s first truly pegged stablecoin, has also registered significant levels of movement, along with ETH and USDC, another dollar-pegged stablecoin.

These numbers show that the cryptocurrency market is growing in the country at a rapid rate, as in July the Brazilian Tax Authority also register a record number of individual cryptocurrency ownership claims. This has led many fintech companies such as Picpay and Nubankand even traditional banks like Santanderto announce their intention to include crypto services in their portfolio.

Cards in this story

Bitcoin, Brazil, Brazilian tax authorities, BRZ, Institutions, nubank, picpay, record, RFB, Santander, statement, USDC, USDT

What do you think about the record number of institutions registering cryptocurrency ownership in Brazil? Let us know in the comments section below.

Sergio Goschenko

Sergio is a crypto journalist based in Venezuela. He describes himself as a latecomer to the game, entering the crypto world when the bull run occurred in December 2017. Has a computer engineering background, lives in Venezuela and is affected by the volatility. crypto boom on the social level, he offers a different perspective on the success of cryptocurrency and how it helps the unbanked and underserved.

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