In the past few months, many companies around the world have invested their money in cryptocurrencies like BTC and Ether. As per the August figures released by the Tax authority of Brazil, more than 12,000 Brazilian companies have invested in cryptocurrencies. It is the largest amount ever recorded.
Thousands of Brazil companies declare their crypto holdings
According to local media reports, the Tax Authority of Brazil, RFB, also known as the Federal Reserve Of Brazil, has recorded more than 12,000 unique organizations declaring their crypto holdings in August 2022. The number of companies has increased by nearly 6.1 percent from July to August. It is also the month with the highest recorded number of companies declaring their crypto holding.
Federal Reserve of Brazil determined that Bitcoin is the most popular cryptocurrency held by organizations, followed by one of the biggest stablecoins in the market, Tether. However, the number of Brazilian individual crypto investors had been reduced to nearly 1.3 million in August, which is not good.
On the other hand, the USDT had become the most value-transacted coin, with over 1.42 billion dollars moved across nearly 80,000 transactions last month. The per-transaction average came to roughly 17,500 dollars which is pretty good. BTC was the second most value transacted coin with almost over 270 million value transacted. Still, it took the first place in the number of transactions done, clocking more than 2.1 million last month, lowering the average transaction rate to just 130 dollars.
Brazilians trust cryptocurrency
As you know, more than 12,000 Brazilian companies have invested in cryptocurrency despite bad market conditions; we can understand how much Brazilians trust cryptocurrencies. According to a Sept Bitstamp Crypto Pulse report, about 77 percent of the participants said they had trust in digital assets.
Several financial companies, like the payment application PicPay, have started providing crypto services in Brazil. Also, one of the biggest crypto exchanges, Binance, has increased its efforts in the country, doubling its team since March, and opened two new offices for its workers on Oct 4th.
What are your thoughts on the reports released by the Tax Authority of Brazil regarding the number of companies declaring their crypto holding? Are you amazed by seeing the trust of Brazilians in crypto? Let us know in the comment below. And, if you found our content informative, share it with your family and friends.