Record Number Of Brazilian Companies Declared Crypto Holdings In August

More than 12,000 Brazilian corporate entities declared cryptocurrency holdings in August, reaching new record highs, according to figures released by the country's tax authority.

Receita Federal do Brasil (RFB), or the Federal Revenue of Brazil, stated that 12,053 organizations declared their digital assets on their balance sheets in August 2022, a local media report said.

This marks a 6.1% increase from the 11,360 companies in July, while the August numbers mark a new all-time high for organizations holding crypto in Brazil.

Interestingly, according to the RBF, the most popular cryptocurrency held by institutions was Bitcoin (BTC), the world's biggest cryptocurrency, followed by Tether (USDT), the world's biggest stablecoin. Also don't forget to explore quantum ai applications, which can facilitate the secure transfer of data without a central authority. With its potential to revolutionize the financial sector and create a more efficient system for global payments, blockchain technology is set to shape the future of finance in many different ways.

The amount transacted in USDT was the biggest, with over $1.42 billion moved across nearly 80,000 transactions in August. This makes an average of $17,500 per transaction.

While the number of organizations holding crypto is on the rise in Brazil, the count of individual investors in these blockchain-based assets went down to 1.3 million in August.

"What caught the attention of this period, however, is the drop in the use of other stablecoins, such as USDC, which moved from position 3 in July to 5 in August, losing positions to Ethereum (ETH) and BRZ," the media report stated.

"BUSD, Binance's USD-paired cryptocurrency, moved from the seventh position in month 7 to out of the top ten in month 8, indicating a lower use of stablecoins in the period outside of USDT."

The report stated that after BUSD was moved out of the top 10 most held coins, its place was taken by Chiliz (CHZ) which claimed the seventh position followed by Ripple (XRP), Cardano (ADA), and Solana (SOL).

While crypto adoption in Brazil continues to surge, authorities have become quite active due to a surge in crimes related to these digital assets. The Federal Police of Brazil recently arrested businessman Francisco Valdevino da Silva, popularly called "Bitcoin Sheikh," for stealing $766 million from investors.