Crypto: Strong growth in adoption by Brazilian companies

In a context where the inflation rate is climbing, Brazilian companies seem to have more and more confidence in cryptos. This is what emerges from the analysis made recently by the Receita Federal do Brasil (RFB), which is a public agency. The RFB is responsible for the administration of federal taxes and customs control in Brazil. Here are the figures for August, published by the Brazilian tax authority.

12,053 Brazilian Organizations Hold Crypto

The BFR asserted having registered 12,053 different organizations that reported cryptos in their August 2022 balance sheets. This is a record number, well above the 11,360 companies registered by the tax authority in July 2022. July to August, there was a 6.1% increase the number of companies holding cryptocurrencies.

The data published by the RFB also indicate that bitcoin (BTC) is the most widely held digital asset. The flagship crypto is followed by the stablecoin Tether (USDT). BTC saw over 2.1 million transactions in August, compared to 80,000 transactions for USDT. However, in terms of the amount of funds transferred, the dollar-backed stablecoin has outpaced bitcoin.

The RFB recorded 12,053 organizations declaring cryptocurrencies on their balance sheets as of August 2022.

Indeed, USDT saw over $1.42 billion in trades, with $17,500 per trade. BTC recorded $270 million in transactions, for $130 per transaction.

However, the number of Brazilian individuals investing in cryptos declined between July and August. The RFB has recorded 1.3 million individual Brazilian investors in August 2022.

At the same time, the value of total declarations fell slightly, no doubt due to the state of the crypto market. This value stood at $3.4 billion in July, but fell to $2.1 billion during the month of August.

This year in Brazil, many companies have entered the crypto sector. For example, Brazilian brokerage giant XP Inc and payment app PicPay have been offering crypto exchange services since August. Meanwhile, Binance, the world’s largest crypto exchange, has amped up its expansion efforts in Brazil.

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