The Brazilian tax agency RFB recorded a new record in the number of Brazilians investing in cryptocurrencies in September. The agency learned through its monthly report that nearly 1.5 million people bought cryptocurrencies in September. The number of cryptocurrency investors in Brazil has increased since August, when more than 1.3 million people announced their cryptocurrency holdings.
Brazil’s Tax Agency Registers Nearly 1.5 Million Crypto Investors in September
Cryptocurrencies are gaining popularity as an investment option for Latin American portfolios. Brazil’s tax agency RFB published figures corresponding to cryptocurrency investments declared by taxpayers in the country on Nov. 4, setting a new record for investors putting money into cryptocurrencies.
Nearly 1.5 million citizens invested in cryptocurrencies in September, according to statements received by the agency from independent holders and local exchanges. These 1,490,618 citizens represent an increase of more than 10 percent compared to the number of taxpayers who announced their cryptocurrency holdings in August.
But the increase is even more impressive compared to the corresponding figures in September 2021, when the agency received only 424,524 cryptocurrency statements. This means that the number of cryptocurrency investors has more than tripled in a year, showing that cryptocurrencies have gained popularity in the country.
USDT has the most trading volume, and BTC has the most trading volume
Despite an increase in the number of market reports, the amounts reported in September were lower than those registered in August. The number of cryptocurrencies held has reached its highest level since August 2020. The report also noted that one in five transactions was done by women, a first in the country’s history.
Continuing a trend reported in earlier months, Bitcoin remains the most traded cryptocurrency in the system, but Tether’s dollar-pegged stablecoin USDT remains the most negotiated. More than 2 million Bitcoin transactions took place in September, but USDT moved almost seven times as much, though concentrated in just over 100,000 transactions.
More options to capitalize on this popularity have emerged recently, aiming to establish Tether as a viable payment and savings option in the country. Such is the case with Smartpay, which announced that it will offer USDT services at more than 24,000 ATMs, allowing Brazilians to exchange tokens for fiat currency.
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