Over 12,000 Brazil companies declare crypto holdings in record high


August figures released by Brazil’s tax authority revealed over 12,000 companies 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 local 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.

How To Get Free Crypto  

The number is a 6.1% increase from the 11,360 companies in July and is the month with the highest recorded number of companies with crypto holdings to date.

The RFB noted that Bitcoin (BTC) is the most popular cryptocurrency held by institutions, followed by stablecoin Tether (USDT).

However, the number of individual Brazilian investors holding crypto fell from the prior month, down to 1.3 million in August.

The value of the total declarations also experienced a slight decline, likely due to the condition of the crypto markets, with August seeing a total of $2.1 billion (11 billion Brazilian Reais), down from $3.4 billion in July.

The U.S. dollar pegged stablecoin USDT had the most value transacted, with over $1.42 billion moved across nearly 80,000 transactions in August, averaging roughly $17,500 per transaction.

Coinbase Banner  

BTC was second with almost $270 million transacted, but took first place for number of transactions, clocking in over 2.1 million in the same month at a much lower average transaction amount of $130.

Related: Latin America is ready for crypto — Just integrate it with their payment systems

It was noted the stablecoin USD Coin (USDC) dropped from third to fifth place from July to August in regard to value transacted, losing out to Ether (ETH) and Brazilian Digital Token (BRZ), a Brazilian Real pegged ERC-20 token.

Brazilians trust in cryptocurrency remains high according to a September Bitstamp “Crypto Pulse” report, with 77% stating they trusted digital assets.

Multiple financial companies in the country have started offering cryptocurrency services, such as brokerage giant XP Inc and payment application PicPay both integrating crypto exchange services in August. Crypto exchange Binance has also increased its efforts in the country, doubling its team since March and opening two new offices on Oct. 4.

FreeBitcoin Banner  

Brazil’s inflation rate hit a 26-year high of 12.1% in April, but has since cooled slightly to 8.7% in the latest August figures as per data from the country’s statistics agency.

Go to Source
Author: Jesse Coghlan

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.