Brazil registers record number of institutions declaring cryptocurrency holdings – News Bitcoin News

Brazil registered the largest number of companies and institutions declaring ownership of cryptocurrencies in August. Figures obtained directly from the Brazilian Taxation Authority (RFB) show that more and more institutions are keen to buy cryptocurrencies, with the most significant amount using the Tether stablecoin USDT. indicates that it has been moved.

Institutions Hold More Crypto in Brazil

Financial institutions are attracted to holding cryptocurrencies in Latin American countries due to the inherent economic challenges. Recently, the Brazilian Tax Authority (RFB) recorded a record increase in the number of these bodies declaring ownership of certain types of cryptocurrencies. Figures corresponding to the August statement show that more than 12,000 companies in Brazil have admitted to holding cryptocurrencies as part of their finances.

This metric is up from the number of companies that declared to have cryptocurrencies in July (11,360). However, personal statements registered a slowdown compared to his July, with him down by 35,000 statements in August. However, this metric is still high, with over 1,300,000 individuals declaring to have some type of crypto as part of their assets.

Each month, the Brazilian Tax Authority (RFB) informs the market about the movement in the number of mandatory statements on cryptocurrency ownership to give a glimpse into the evolution and direction of the market.

USDT Still King

USDT, a dollar-pegged stablecoin issued by Tether, is one of the most used tokens in the country, at least when it comes to value movement. In August, he moved over $1.4 billion using USDT in 79,836 operations, averaging about $18,000 per transaction.

However, Bitcoin outperformed USDT when comparing the number of transactions made during the same period. In August, he made over 2.1 million transactions using BTC. However, the amounts involved were much smaller, averaging close to $130 per transaction. BRZ, Brazil’s first real-pegged stablecoin, also registered significant levels of movement, along with dollar-pegged stablecoins ETH and USDC.

These figures show that the cryptocurrency market is growing at an accelerating pace in the country, given that Brazil’s tax authorities registered a record number of personal cryptocurrency ownership statements in July. increase. This has led many fintech companies such as Picpay and Nubank, and even traditional banks such as Santander, to announce their intention to include cryptocurrency services as part of their portfolios.

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

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He explains that he entered the cryptosphere in December 2017 when the price hike happened, and fell behind the game. Computers With an engineering background, living in Venezuela and being affected by the cryptocurrency boom on a societal level, he offers a different perspective. About the success of crypto and how it can help the unbanked and underserved people.

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