August figures free by Brazil’s tax authority unconcealed over 12,000 firms have cryptocurrency holdings, the largest amount ever recorded.
The number of companies holding cryptocurrency in Brazil has reached new record highs as of August amid an increased trust in cryptocurrencies and high inflation rates.
According to native media reports, the country’s taxation authority, Receita Federal do Brasil (RFB) — also known as the Federal Revenue of Brazil — recorded 12,053 unique organizations declaring crypto on their balance sheets in August 2022.
The number is a 6.1% increase from the 11,360 firms in July and is that the month with the best recorded range of firms with crypto holdings up to now. The RFB noted that Bitcoin (BTC$19,067) is that the hottest cryptocurrency control by establishments, followed by stablecoin Tether (USDT$1.00).
However, the quantity of individual Brazilian investors holding crypto fell from the previous month, down to 1.3 million in August.
The value of the full declarations conjointly old a small decline, likely due to the condition of the crypto markets, with August seeing a total of $2.1 billion (11 billion Brazilian reals), down from $3.4 billion in July.
The u. s. dollar-pegged stablecoin USDT had the foremost price transacted, with over $1.42 billion affected across nearly 80,000 transactions in August, averaging roughly $17,500 per transaction.
BTC was second with nearly $270 million transacted but took 1st place for the quantity of transactions, continuance in over two.1 million within the same month at a far lower average transaction amount of $130.
It was noted the stablecoin USD Coin (USDC) born from third to fifth place from July to August in regard to price transacted, losing out to Ether (ETH$1,281) and Brazilian Digital Token (BRZ), a Brazilian real-pegged ERC-20 token.
Brazilians’ trust in cryptocurrency remains high in line with a Sep Bitstamp “Crypto Pulse” report, with 77 stating they trusty digital assets.
Multiple money firms within the country have started providing cryptocurrency services, like brokerage big XP INC. and payment application PicPay each integration crypto exchange services in August. Crypto exchange Binance has also increased its efforts within the country, doubling its team since March and opening 2 new offices on October. 4.
.Brazil’s rate hit a 26-year high of twelve.1% in April however has since cooled slightly to 8.7% in the latest August figures, according to the data from the country’s statistics.
( Jesse Coghlan, Cointelegraph, 2022 )