It was clearly established that Brazilian citizens are fond of cryptocurrencies. We now know that it’s not just them. More and more institutions and companies operating in Brazil are turning to cryptocurrencies. In August, the Brazilian tax authorities said they had registered a record number of companies and institutions claiming to hold cryptocurrency. All indications are that the cryptocurrency market is growing in Brazil.
Brazilian institutions confident about crypto
The monthly report from the Brazilian Tax Authority (RFB) tapped by a local media outlet reveals the infatuation of the country’s institutions and companies with cryptocurrency. According to the report covering the month of August, 12,053 companies and institutions in Brazil reported keeping some of their cash in cryptos. Compared to the 11,360 companies that had reported their crypto cash to the Brazilian tax authorities, we’re on to a good progression!
The report also provides an indication of private holders of cryptocurrencies. Although there is a slight slowdown in adoption compared to July, the milestone of one million holders was passed in August.
In addition, the Brazilian Tax Authority (RFB) report reveals that the feminization of the crypto ecosystem is still in progress. Women already accounted for 18.5% of cryptocurrency holders in Brazil in July. In August, they are now 18.9 percent. But while the proportion of women holding crypto is up, the amount they hold has dropped from 14.8% in July to 13.4% in August.
Another piece of information provided by the report is Brazilians’ preference for certain cryptocurrencies over others. As in July, Brazilians showed they loved more Tether stablecoin and Bitcoin.
In August, the Brazilian tax authorities recorded 79,836 transactions in USDT, totaling $1.4 billion. However, bitcoin is ahead of USDT in terms of the number of transactions made in August. In fact, more than 2.1 million transactions were made using BTC.
Figures provided by the Brazilian Tax Authority (RFB) about cryptocurrency holdings in August reveal the growing interest of Brazilians in crypto. We now know that in addition to individuals, the country’s institutions and companies are betting on crypto. This will no doubt do the business of the crypto giants that are invading Latin America (hi CZ).
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.