The Brazilian tax office disclosed in August that over 12,000 businesses had crypto holdings, the highest number ever.
As of August, the number of Brazilian corporations holding bitcoin has hit new record highs due to a rise in confidence in cryptocurrencies and high inflation rates.
According to local media sources, the country’s taxes body, Receita Federal do Brasil (RFB), popularly known as Federal Revenue of Brazil, documented 12,053 distinct entities reporting cryptocurrency on their balance sheets in August of 2022.
The amount represents a 6.1% rise from the 11,360 corporations with crypto holdings in July and is the largest monthly total reported so far.
However, the number of Brazilian investors owning cryptocurrencies decreased from the previous month to 1,3 million in August.
August saw a total of $2.1 billion (11 billion Brazilian reals), down from $3.4 billion in July. This was likely related to the state of the cryptocurrency markets.
The United States dollar-pegged stablecoin USDT had the highest transaction volume in August, with over $1.42 billion exchanged over almost 80,000 transactions, averaging around $17,500 per transaction.
BTC was second with approximately $270 million in transactions, but first with over 2.1 million transactions in the same month at a far lower average transaction value of $130.
According to Bitstamp’s September “Crypto Pulse” research, 77% of Brazilians continue to have a high level of confidence in cryptocurrencies.
Multiple financial institutions in the nation have begun providing cryptocurrency services, including the august integration of crypto exchange services by brokerage firm XP Inc. and payment application PicPay. Binance has also boosted its efforts in the nation, having doubled its staff since March and launching two new offices on October 4.
In April, Brazil’s inflation rate reached a 26-year high of 12.1%, but it has since dropped to 8.7%, according to the latest data from the country’s statistics office.
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