Brazil is among the countries where cryptocurrency adoption is on an entirely new level. The country’s cryptocurrency adoption is tremendous and it has even entered the mainstream and corporate sector.
RFB Confirms Mass Crypto Adoption by Companies
Just recently, Receita Federal do Brasil (RFB), the taxation authority in Brazil released a report, which is extremely promising for the cryptocurrency industry.
According to the report, thousands of companies in Brazil are in possession of cryptocurrencies. Their cryptocurrency holdings have been really high and the number just keeps growing.
The RFB has shared a report for the month of August revealing the number of companies that are holding cryptocurrencies.
According to the report shared by the RFB, it is due to the constantly growing inflation rates and strong trust in cryptocurrencies that even companies are adopting crypto.
Over 12,000 Companies hold Crypto
The RFB, which is also Brazil’s Federal Revenue department, has reported that for the month of August, they have recorded that over 12,000 companies hold crypto in Brazil.
The exact figure currently stands at 12,053 and it comprises all unique organizations operating in different sectors in Brazil. All of these companies have added cryptocurrencies to their balance sheets, which have been reflected in their tax reports for August 2022.
The adoption rate among Brazil-based companies’ cryptocurrencies is growing at a fast rate. The report shared by the RFB for the month of July 2022 showed that 11,360 companies were holding cryptocurrencies.
The number has increased by 6.1% since July, witnessing an addition of 693 companies that are now holding cryptocurrencies.
Bitcoin is the Star Token
In addition to revealing the holdings, the RFB has also shared the most adopted cryptocurrency by Brazilian companies.
As of now, Bitcoin is the most preferred and highly adopted cryptocurrency even by companies in Brazil. The next digital asset after Bitcoin that has the lead is Tether (USDT), the largest stablecoin in the market.
The number of Individual Investors Keeps Declining
Then comes the number of individual Brazilian investors who are holding cryptocurrencies. According to the data, the number of individual investors is constantly on the decline in the country.
In a matter of a month, the number of individual Brazilian crypto investors has fallen to 1.3 million.
Even the value of the declarations made by individual investors has witnessed a major decline. In the month of July, the total declarations made by the individual investors were $3.4 billion.
However, the figure has dropped more than by a billion and in the month of August; it declined to $2.1 billion.
In Brazil, the cryptocurrency witnessing the highest transaction volume is USDT, $1.42 billion in August while Bitcoin only sees $270 million in transaction volume.