The Tax Authority of Brazil (RFB) has disclosed its numbers corresponding to the month of July in relation to the cryptocurrency statement. Over one million Brazilians have declared cryptocurrency in the month, a record the organization said in a statement. Also, there has been an increase in the number of women holding crypto during this period.
Tax authority reports over one million Brazilian investments in crypto
The Tax Authority of Brazil (RBF) has reported that over one million citizens submitted their cryptocurrency details in July. Notably, 1,336,715 citizens submitted their crypto information, the highest number of people since reporting became a requirement in 2019.
Brazilian law states that all cryptocurrency holders must report their information to the institution, even if trades are not conducted using centralized exchanges. It gives the organization the necessary information to issue such statements regularly.
In comparison, in May 2022, only 365,000 citizens reported their cryptocurrency holdings and transactions to the RFB. In June that number rose to about 800,000 and then in July it increased by more than 50%. The August numbers have not yet been compiled.
Statistics also show that women are becoming more active in using cryptocurrencies in the country. According to the data presented, the number of crypto transactions done by women increased by 4%, with this group accounting for almost 20% of the transactions done during the month of July.
favorite coins
Data from the Brazilian Tax Authority also provided insight into which cryptocurrencies were more popular. The majority of cryptocurrency trades in July were made using bitcoin, with nearly 3 million operations recorded. However, the highest value trades were made using Tether’s dollar-based stablecoin, USDT. The total value transferred using this crypto asset was more than four times the value transferred using bitcoin.
The popularity of crypto has been increasing in the country since last year, when the Central Bank of Brazil reported that citizens purchased more than $4 billion in cryptocurrencies from the beginning of 2021 to October of the same year.
However, despite this increase in the use and popularity of crypto, a proper regulatory framework is still not approved. Brazil’s Congress failed to approve a cryptocurrency bill introduced last year, delaying its discussion and voting due to the approaching presidential and general elections in October.
What do you think of the latest report regarding cryptocurrency statements in Brazil? Tell us in the comments section below.
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