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Brazilian Tax Authority Records Highest Cryptocurrency Statements

07-Sep-2022 By: Shailja Joshi
Brazilian Tax Author

The Brazilian tax authority has released figures for cryptocurrency statements for the month of July. 

According to the organization, more than one million Brazilians declared cryptocurrency last month, setting a new record. In addition, the number of women holding cryptocurrencies also increased during this time period.

The Brazilian tax authorities have reported that over one million people presented their cryptocurrency statements in July. In particular, 1,336,715 citizens submitted their crypto information, the highest number since reporting became mandatory in 2019.

Brazilian legislation mandates all cryptocurrency holders to report their information to the institution, even if their transactions do not take place on centralized exchanges. This provides the organization with the information it needs to make such statements on a regular basis.

In comparison, just 365,000 citizens disclosed their cryptocurrency holdings and transactions to the RFB in May 2022. This figure increased to almost 800,000 in June and then increased by more than 50% in July. The August figures have not yet been compiled.

Statistics show that women are becoming increasingly engaged in the use of cryptocurrencies in the country. According to the data presented, the number of crypto transactions done by women increased by 4%, accounting for over 20% of all transactions performed in July.

The Brazilian tax authority's statistics also revealed which cryptocurrencies were the most popular. In July, about 3 million cryptocurrency transactions were performed using bitcoin. However, the most valuable deals used Tether's dollar-pegged stablecoin, USDT. The total value transferred using this cryptocurrency asset was four times that of bitcoin.

Since last year, when the Central Bank of Brazil announced that residents purchased more than $4 billion in cryptocurrencies from the beginning of 2021 to the end of the same year, the popularity of cryptocurrency has grown in the country.

Despite the increased usage and popularity of cryptocurrency, a robust regulatory framework has yet to be adopted. Last year, the Brazilian Congress has failed to adopt a cryptocurrency measure, prolonging debate and voting owing to the proximity of the presidential and general elections in October.

Read also: Ethereum's Bellatrix Upgrade Causes Nerves to Jangle

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