Brazilian Tax Authority RFB Registers New Record of Almost 1.5 Million Brazilians Investing in Crypto in September

The Brazilian Tax Authority RFB registered a new record in the number of Brazilians that invested in crypto, in the month of September. The institution informed through its monthly reports that almost 1.5 million people had purchased crypto during Sept. The number of crypto investors in Brazil increased since August when a little more than 1.3 million people declared holding crypto.

Brazilian Tax Authority Registers Almost 1.5 Million Crypto Investors in September

Cryptocurrency is gaining popularity as an investment choice for portfolios in Latam. The Brazilian Tax Authority RFB presented the numbers corresponding to the cryptocurrency investments declared by taxpayers in the country on Nov. 4, registering a new record in investors putting their funds in crypto.

According to the statements of independent holders and of local exchanges received by the institution, almost 1.5 million citizens invested in crypto during September. These 1,490,618 citizens represent an increase of more than 10% compared to the number of taxpayers that declared holding crypto in August.

But the growth is even more impressive if compared to the numbers corresponding to September 2021, when only 424,524 cryptocurrency statements were received by the institution. this means that the number of cryptocurrency investors has more than tripled in one year, a sign of the popularity that crypto has achieved in the country.

USDT Has Most Volume, BTC Most Transactions

While the market registered an increase in the number of statements, the amounts declared during September were lower than the ones registered in August. The number of cryptocurrencies held reached levels not seen since August 2020. The report also informed that one in five transactions were completed by women, a historical first for the country.

Continuing the trends that have been reported in earlier months, bitcoin is still the cryptocurrency with the most transactions in the system, but Tether’s USDT, the dollar-pegged stablecoin, still registers the largest volume of funds negotiated. More than two million bitcoin transactions were conducted during September, but USDT moved almost seven times more funds, albeit concentrated in little more than 100,000 transactions.

More options to take advantage of this popularity have emerged recently, aiming to establish tether as a viable payments and savings option in the country. This is the case of Smartpay, which announced it will offer USDT services at more than 24,000 ATMs, allowing Brazilians to exchange the token for fiat currency.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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