The Brazilian Tax Authority, RFB, registered a new record in the number of Brazilians who invested in cryptocurrencies, in the month of September. The institution reported through its monthly reports that almost 1.5 million people had bought cryptocurrencies during September. The number of cryptocurrency investors in Brazil has increased since August, when just over 1.3 million people reported owning cryptocurrencies.
Brazilian Tax Authority Registers Nearly 1.5 Million Crypto Investors in September
Cryptocurrency is gaining popularity as an investment option for portfolios in Latam. The Brazilian Tax Authority, RFB, presented on November 4 the numbers corresponding to investments in cryptocurrencies declared by taxpayers in the country, registering a new record of investors who place their funds in cryptocurrencies.
According to statements from independent holders and local exchange houses received by the institution, almost 1.5 million citizens invested in cryptocurrencies during September. These 1,490,618 citizens represent an increase of more than 10% compared to the number of taxpayers who reported owning cryptocurrency in August.
But the growth is even more impressive when compared to the figures for September 2021, when the institution received only 424,524 cryptocurrency account statements. this means that the number of investors in cryptocurrencies has more than tripled in a year, a sign of the popularity that cryptocurrency has reached in the country.
USDT has the highest volume, BTC the most transactions
Although the market registered an increase in the number of declarations, the amounts declared during September were lower than those registered in August. The amount of cryptocurrency held reached levels not seen since August 2020. The report also reported that one in five transactions was completed by women, a historic first for the country.
Continuing trends that have been reported in previous months, bitcoin remains the most traded cryptocurrency in the system, but Tether’s USDT, the dollar-pegged stablecoin, still records the highest volume of funds traded. More than two million bitcoin transactions were made during September, but USDT moved almost seven times as many funds, albeit concentrated in just over 100,000 transactions.
More options have recently emerged to take advantage of this popularity, with the aim of establishing Tether as a viable payment and savings option in the country. This is the case of Smartpay, which announced that it will offer USDT services in more than 24,000 ATMs, allowing Brazilians to exchange the token for fiat currency.
What do you think of the numbers presented by the RFB on crypto? Tell us in the comments section below.
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