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

Brazil recorded its highest number of companies and institutions declaring ownership of cryptocurrencies in August. The numbers, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to buy cryptocurrencies, and also indicate that the most significant volumes are moved using Tether’s usdt stablecoin.

Institutions have more cryptocurrencies in Brazil

Institutions are attracted to having cryptocurrencies in Latam countries due to the specific problems of their economies. Recently, the Brazilian Tax Authority (RFB) registered a record increase in the number of these institutions declaring the ownership of some type of cryptocurrency. The numbers, which correspond to the August statements, show that more than 12,000 companies in Brazil admit to having cryptocurrencies as part of their treasury.

This indicator rose from the number of companies that declared having cryptocurrencies in July (11,360). However, the declarations of individuals did register a slowdown compared to July, registering 35,000 fewer declarations in August. However, this indicator is still high, with more than 1,300,000 people claiming to have some type of cryptocurrency as part of their assets.

Every month, the Brazilian Tax Authority (RFB) informs the market about the movements in the number of mandatory declarations on the ownership of cryptocurrencies to give an idea of ​​the evolution and direction of the market.

USDT is still king

USDT, the dollar-pegged stablecoin issued by Tether, is one of the most widely used tokens in the country, at least when it comes to value moved. More than $1.4 billion was moved using USDT in 79,836 trades in August, with an average amount of nearly $18,000 per trade.

However, bitcoin outperformed USDT when comparing the number of transactions made in the same period. During August, more than 2.1 million transactions were made using BTC. However, the amount of money involved was much smaller, reaching an average amount of around $130 per transaction. BRZ, the first stablecoin pegged to the Brazilian real, also saw 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 fast pace, given that in July, the Brazilian Tax Authority also registered a record number of declarations of ownership of individual cryptocurrencies. This has caused many fintech companies like Picpay and Nubank, and even traditional banks like Santander, to announce their intention to include cryptocurrency services as part of their portfolio.

What do you think about the record number of institutions that register the ownership of cryptocurrencies in Brazil? Tell us in the comments section below.

Serge Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as someone who was late to the game, entering the cryptosphere when the price surge occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the rise of cryptocurrencies on a social level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.

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