Brazil records record number of institutions reporting crypto-currency holdings

The figures, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to buy crypto-currencies, and also indicate that the largest volumes are being moved using usdt, the stablecoin of Tether.

Institutions are holding more crypto-currencies in Brazil

Institutions are attracted to holding crypto in Latam countries because of the specific problems in their economies. Recently, the Brazilian tax authority (RFB) recorded a record increase in the number of such institutions reporting owning some sort of crypto currency. The figures, which correspond to August declarations, show that more than 12,000 Brazilian companies acknowledge holding crypto-currencies as part of their cash flow.

This indicator is up from the number of companies that reported owning crypto-currencies in July (11,360). However, reporting by individuals has seen a slowdown from July, with 35,000 fewer reporting in August. However, this indicator remains high, with more than 1,300,000 individuals reporting owning some form of crypto in their wealth.

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

USDT the dollar-denominated stablecoin issued by Tether, is one of the most widely used tokens in the country, at least in terms of value moved. More than $1.4 billion was transferred using USDT across 79,836 transactions in August, with an average amount of nearly $18,000 per transaction.

However, bitcoin beat USDT when comparing the number of transactions made during the same period. During the month of August, more than 2.1 million transactions were made using BTC. However, the amount of money involved was much less, reaching an average amount of nearly $130 per transaction. BRZ, the first stable currency denominated in Brazilian real, also recorded significant levels of movement, alongside the euro. ETH and USDC, another stable currency linked to the dollar.

These figures show that the crypto-currency market is growing in the country at an accelerated pace, as in July, the Brazilian tax authority also recorded a record number of individual crypto-currency ownership declarations. This has prompted many fintech companies like Picpay and Nubank, and even traditional banks like Santander, to announce their intention to include crypto-currency services in their wallets.