Brazilian Tax Authority Registers Record Number of Cryptocurrency Statements – More than a million people presented their cryptocurrency statements in July, according to data from the Brazilian tax authority (RBF). The biggest number of individuals to submit crypto information since it became necessary in 2019 were 1,336,715 citizens, who provided their crypto information.
Brazilian law mandates that even if trades are not conducted through centralized exchanges, all cryptocurrency holders must provide their information to the organization. This provides the company with the knowledge required to frequently issue such declarations.
People Also Read: Meta to Open 10 Metaverse Campuses as Part of $150 Million Immersive Learning Project
Comparatively, just 365,000 people informed the RFB of their cryptocurrency holdings and transactions in May 2022. In June, this number increased to about 800,000, and in July, it increased by an additional more than 50%. The data for August has not yet been compiled.
Statistics also show that women are utilizing cryptocurrencies more frequently in the country. According to the data provided, the percentage of crypto transactions performed by women increased by 4%, and they accounted for nearly 20% of all transactions in July.
The information provided by the Brazilian tax authorities also revealed which cryptocurrencies were more widely used. Almost 3 million cryptocurrency transactions were made in July, with bitcoin accounting for the majority of those. However, transactions using Tether’s USDT stablecoin, which is tethered to the dollar, moved the greatest value. Four times more money was transferred overall using this cryptocurrency asset than it was via bitcoin.
Since October of last year, when the Central Bank of Brazil claimed Brazilians had spent more than $4 billion on cryptocurrencies, the use of cryptocurrencies has increased in the country.
People Also Read: New UK Prime Minister Liz Truss Might Be Open To Crypto
Despite this rise in usage and acceptance of cryptocurrencies, a suitable regulatory framework has still not been adopted. Due to the impending presidential and general elections in October, the Brazilian Congress put off discussing and voting on a cryptocurrency measure that was proposed last year.
