Brazilian tax authority (RFB), has released its figures for the month July related to cryptocurrency statements. The organization has set a new record by declaring more than one million Brazilians to have used cryptocurrencies during the month. There was also an increase in crypto-holding women during this time.
Tax Authority: More than a million Brazilians invest in crypto
Brazilian tax authorities (RBF), reported that over one million people submitted their crypto statements to the IRS in July. In particular, more than 1 million citizens submitted their cryptocurrency information in July. This is the largest number since 2019, when reporting was mandatory.
Brazilian law stipulates that every cryptocurrency owner must inform the institution about their transactions, regardless of whether they are made through centralized exchanges. The organization has the necessary information to make such statements on a regular basis.
In contrast, the RFB received only 360,000 reports on cryptocurrency transactions and holdings in May 2022. This figure rose to close to 800,000. Then it rose more than half a million in July. The August figures are still not available.
Statistic also shows that crypto currencies are being used more by women in India. According to the presented data, crypto transactions by women increased by 4%. This group was responsible for nearly 20% of transactions in July.
The Preferred Coins
Also, the data from Brazil’s tax agency gave insight as to which cryptocurrencies are most in demand. Nearly 3 million transactions were recorded in bitcoin-based cryptocurrency trades. However, trades that moved the most value used Tether’s dollar-pegged stablecoin, USDT. Four times as much was transferred using this crypto asset than using bitcoin.
Crypto has seen a rise in popularity in Brazil since October 2017, when the Central Bank of Brazil stated that Brazilians had bought more than $4B in cryptocurrency between 2021 and October 2018.
Even with the rise in popularity and usage of crypto, no proper regulatory framework was approved. Due to proximity to the October presidential and general election, Brazil’s Congress did not approve the cryptocurrency bill it had introduced in January. It was delayed and voted on by the Congress.
Let us know what you think about the most recent report on cryptocurrency statements in Brazil. Leave a comment below.
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