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Brazilian Tax Authorities Record Record Number of Cryptocurrency Statements – Bitcoin News
The Brazilian Tax Authority (RFB) has revealed its figures corresponding to the month of July regarding cryptocurrency statements. More than one million Brazilians have declared cryptocurrencies in the month, setting a record for declarations for the organization. There was also an increase in the number of women holding crypto for this period.
The tax authorities report that more than one million Brazilians invest in crypto
The Brazilian Tax Authority (RBF) has reported that more than one million citizens presented their cryptocurrency statements in July. Specifically, 1,336,715 residents presented their crypto information, the highest number of people since reporting became a requirement in 2019.
Brazilian law requires all owners of cryptocurrency to report their information to the institution, even if trades are not made using centralized exchanges. This provides the organization with the information needed to release such statements regularly.
In comparison, in May 2022 only 365,000 residents reported their cryptocurrency holdings and transactions to the RFB. This number rose to nearly 800,000 in June, and then also rose by more than 50% in July. August figures have not yet been compiled.
Statistics also indicate that women are becoming more active in using cryptocurrencies in the country. According to the data presented, the number of crypto transactions made by women increased by 4% and this group was responsible for almost 20% of the transactions made during the month of July.
Preferred coins
The data of the Brazilian tax authority also provided insight into which cryptocurrencies were most popular. Most cryptocurrency trades in July were made with bitcoin, registering nearly 3 million operations. However, trades that moved the most value used Tether’s dollar-pegged stablecoin, USDT. The total value moved with this cryptocurrency asset was four times higher than that moved with bitcoin.
The popularity of crypto has been growing in the country since last year, when the Central Bank of Brazil reported that citizens bought more than $4 billion in cryptocurrency from the start of 2021 to October of that year.
However, even with this increase in the use and popularity of crypto, a proper regulatory framework has still not been approved. The Brazilian Congress has failed to approve a cryptocurrency bill introduced last year, delaying its discussion and vote due to the proximity of presidential and general elections coming up in October.
What do you think of the latest report on cryptocurrency statements in Brazil? Tell us in the comments section below.
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