The tax authority in Brazil (RFB) recently disclosed the number of cryptocurrency statements that it received in the month of July.
The month saw more than one million people in Brazil declare their cryptocurrencies, which is a record number of statements for the organization.
In addition, there was also an increase in the number of women who held cryptocurrencies in this period.
Brazilian investments in crypto
According to the reports of the RBF i.e. the Brazilian tax authority, more than 1 million citizens in the country presented their crypto statements in July.
In fact, there were 1,336,715 citizens who had shared their crypto information, which makes it the highest number of people to have done so since 2019 when reporting it was made mandatory.
According to Brazilian law, all crypto holders are required to report their assets to the institutions, even if they do not use centralized exchanges for engaging in these activities.
This gives the organization the data it needs for releasing such statements on a regular basis. In May 2022, there had only been 365,000 citizens who had reported crypto transactions and holdings to the RFB.
June saw this number climb to almost 800,000 and it recorded another 50% increase in July. The numbers for August have not been put together as yet.
Other details
The statistics also showed that an increasing number of women were becoming more active in the crypto space.
According to the data, there was a 4% increase in the number of transactions conducted by women. In the month of July, women were responsible for almost 20% of the total crypto-related transactions.
Moreover, the data presented by the Brazilian tax authority also highlighted the cryptocurrencies that have gained popularity amongst the people.
Most of the crypto trades in July involved the use of Bitcoin, with approximately 3 million transactions. However, trades involving the most value were related to the dollar-pegged stablecoin Tether (USDT).
The total amount of money moved with this stablecoin was four times that of the value moved via bitcoin.
Crypto Popularity
Since last, cryptocurrencies have exploded in popularity in Brazil. The Central Bank of Brazil reported in 2021 that more than $4 billion had been bought by citizens in terms of crypto.
This had happened from the beginning of the year until October. But, it should be noted that despite the increase in the popularity of crypto, they have still not approved a proper regulatory framework.
Last year, a crypto bill had been introduced in the Brazilian Congress, but it has not been approved as yet.
Its discussion and voting have been delayed because the general and presidential elections in the country are due to be held in October.
Brazil is just one of the Latam countries where cryptocurrencies have managed to garner popularity. The number of institutions and exchanges in the country has expanded.
There are also other Latin American countries that have seen the use of cryptocurrencies increase substantially, which has prompted the talk of regulation.
