Brazil Records Record Number of Institutions Declaring Cryptocurrency Holdings – News Bitcoin News

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

Institutions hold more crypto in Brazil

Institutions are attracted to holding crypto in Latam countries because of their economies’ specific problems. Recently, the Brazilian Tax Authority (RFB) recorded a record increase in the number of these institutions declaring ownership of some kind of cryptocurrency. The figures, which correspond to August’s statements, show that more than 12,000 companies in Brazil recognize holding crypto as part of their treasury.

This indicator rose from the number of companies that declared to have crypto in July (11,360). However, statements made by individuals recorded a decline compared to July, recording 35,000 fewer statements in August. However, this indicator remains high, with more than 1,300,000 individuals declaring that they have some form of crypto as part of their assets.

Each month, the Brazilian Tax Authority (RFB) informs the market of movements in the number of mandatory statements regarding crypto ownership to provide an insight into the development and direction of the market.

USDT 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 with USDT over 79,836 operations in August, with an average amount of nearly $18,000 per transaction.

However, bitcoin beat USDT when comparing the number of transactions made in the same period. During August, more than 2.1 million transactions were made with BTC. But the amount involved was far less, reaching an average amount of close to $130 per transaction. BRZ, the first Brazilian real-pegged stablecoin, also recorded significant levels of movement, along with ETH and USDC, another dollar-pegged stablecoin.

These figures show that the cryptocurrency market is growing in the country at an accelerated rate, given that in July the Brazilian tax authority also registered a record number of individual ownership declarations for cryptocurrencies. This has prompted 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 portfolio.

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

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as late to the game, he entered the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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