The Brazilian Tax Authority (RFB) has revealed its figures for the month of July regarding cryptocurrency declarations. More than one million Brazilians declared cryptocurrency in a month, a record for the firm’s declarations. Also, there was an increase in the number of women holding crypto during this period.
The tax authority reported that more than one million Brazilians have invested in Crypto
The Brazilian Tax Authority (RBF) reported that more than one million citizens filed their tax returns in July. Specifically, 1,336,715 citizens submitted their crypto information, the highest number of people since reporting in 2019.
Brazilian law requires all cryptocurrency holders to report their information to the institution, even if transactions are not made using centralized exchanges. This gives the organization the information it needs to release such statements regularly.
In comparison, in May 2022, only 365,000 citizens reported their cryptocurrency holdings and transactions to the RFB. That number rose to nearly 800,000 in June, then more than 50% in July. August numbers are not yet available.
Statistics show that women are becoming more active in using cryptocurrency in the country. According to the data provided, the number of crypto transactions made by women increased by 4%, this group is responsible for 20% of the transactions in July.
Data from the Brazilian tax authority also provided insight into which cryptocurrencies are more popular. In July, the majority of cryptocurrency transactions were conducted using Bitcoin, with nearly 3 million transactions recorded. However, the trades that moved the most price used Tether’s dollar-pegged stablecoin, USDT. The total value moved using this cryptocurrency asset is four times more than that moved using Bitcoin.
The popularity of crypto in the country has been growing since last year, with Brazil’s central bank reporting that citizens bought more than $4 billion from the start of 2021 through October.
However, even with this increase in the use and popularity of crypto, a proper regulatory framework is still not approved. Brazil’s Congress failed to approve the cryptocurrency bill introduced last year, delaying the discussion and voting due to the proximity of the upcoming presidential and general elections in October.
What do you think of Brazil’s latest report on cryptocurrency disclosures? Tell us in the comments section below.
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