According to the monthly report issued by the agency, there were around 1.5 million people in Brazil who purchased cryptocurrency in September. Over one and a half million taxpayers disclosed their cryptocurrency holdings in August.
The use of cryptocurrencies in Latin America has surged from the beginning of the year 2022. As a potential investment vehicle, cryptocurrency has attracted the attention of a number of users. In the meantime, the Brazilian Tax Authority (RFB) released a study regarding taxpayers' investments in cryptocurrencies for the month of September.
According to the most recent statistics, the number of people who invested in cryptocurrencies in September established a new high for that month. The data indicates that more than 1.5 million Brazilians made investments in digital currencies during the month of September.
When compared to August, the number of taxpayers has increased by more than 10%, reaching 1,490,618. It's interesting to see that the growth is quite substantial when measured against the number from September of 2021. This is due to the fact that there were only 424,524 taxpayers who had declared their cryptocurrency holdings as of September of the previous tax year.
According to the latest data, the number of people investing in cryptocurrencies has increased by a factor of three over the course of the previous year. In addition, this serves as an indication of the rising usage of cryptocurrencies in Brazil.
Although there was an increase in the number of users during the month of September, the volume is lower than it was during the month of August. In addition to that, the report highlighted other accomplishments that were made in September.
In Brazil, for the first time, one out of every five cryptocurrency transactions was carried out by a woman. At the moment, more and more women are demonstrating an interest in financial assets such as cryptocurrency.
Tether's USDT Has the Highest Volume Ever Recorded
In the meantime, Bitcoin continues to lead all other cryptocurrencies in terms of the total number of transactions. In addition to this, the flagship currency has had the biggest volume of transactions over the past few months.
The USDT, which is Tether's stablecoin, is notable for having the biggest volume of funds being negotiated. Over 2 million Bitcoin transactions were carried out by users throughout the month of September.
Roughly one hundred thousand different USDT transactions were carried out in their entirety. On the other hand, the most amounts were transferred using the dollar-pegged stablecoin known as USDT. The research indicates that this constitutes more than seven times the total amount of funds for Bitcoin.
The current analysis demonstrates that a growth in the use of cryptocurrencies may be found in Brazil. In the meantime, businesses are mushrooming to assist locals in using cryptocurrencies. In Brazil, a number of companies have begun to offer support for cryptocurrency payments.
A cryptocurrency platform known as Smartpay announced that it would provide its consumers with USDT services. Over 24,000 automated teller machines are available to users for using the service. People would start to see stablecoins as a legitimate choice for saving money and making payments as a result of this. Additionally, Brazilians had the option of exchanging their USDT for the national currency, which was a fiat currency.