Over 1.5M Invested In Crypto In September – Brazil’s Tax Authority
According to the Brazilian Tax Authority, the number of crypto investors in September has set a new record. Besides, crypto adoption in Brazil has been on the rise in 2022.
The agency’s monthly report noted that around 1.5 million Brazilians bought crypto in September. In August, over 1.3 million taxpayers declared their crypto holdings.
Since the start of 2022, crypto adoption has increased in Latin America. Several users have flocked to crypto as an investment opportunity. Meanwhile, the Brazilian Tax Authority (RFB) presented a report on crypto investments by taxpayers for September.
The latest report stated that September’s number of crypto investors had set a new record. According to the report, over 1.5 million Brazilians invested in digital currencies in September.
The 1,490,618 taxpayers represent an increase of over 10% compared to August. Interestingly, the growth is very high when compared to the figure in September 2021. This is because the number of taxpayers that declared their crypto holdings as of last year September was only 424,524.
The new figure shows that the number of crypto investors has tripled in the past twelve months. Moreover, this is an indicator of the increased crypto adoption in Brazil.
Although the number of users increased in September, the volume is smaller than in August. Furthermore, the report highlighted other achievements in September.
Women accounted for one out of every five crypto transactions for the first time in Brazil. Women are currently showing interest in financial assets such as cryptocurrencies.
Tether’s USDT Records Highest Volume
Meanwhile, Bitcoin remains the top currency with the highest number of transactions. Moreover, the flagship currency has recorded the highest transactions in the past months.
Tether’s stablecoin, the USDT, stands out for the highest volume of negotiated funds. In September, users carried out over 2 million Bitcoin transactions.
The total number of transactions for the USDT was about 100,000. However, the dollar-pegged stablecoin, USDT, moved the highest volume of funds. According to the report, this is over seven times the amount of funds for Bitcoin.
The present report reveals that crypto adoption in Brazil has increased. Meanwhile, firms are rising to help residents use crypto. Several businesses have added support for crypto payments in Brazil.
Smartpay, a crypto platform, said it would offer its users USDT services. Users can access the service at over 24,000 ATMs. This would make people view stablecoins as a viable saving and payment option. Also, Brazilians could exchange their USDT for the country’s fiat currency.
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