The number of companies holding cryptocurrency in Brazil has reached new record highs as of August, amid an increased trust in cryptocurrencies and high inflation rates.
According to local media reports, the country’s taxation authority, Receita Federal do Brasil (RFB), also known as the Federal Revenue of Brazil, recorded 12,053 unique organizations declaring crypto on their balance sheets in August 2022.
The number is a 6.1% increase from the 11,360 companies in July and is the month with the highest recorded number of companies with crypto holdings to date.
The RFB noted that Bitcoin (
) is the most popular cryptocurrency held by institutions, followed by stablecoin Tether (
).
However, the number of individual Brazilian investors holding crypto fell from the prior month, down to 1.3 million in August.
The value of the total declarations also experienced a slight decline, likely due to the condition of the crypto markets, with August seeing a total of $2.1 billion (11 billion...
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