In RFB’s reports from August, 12.053 Brazilian organizations now hold crypto.
Going by the figures released by the Brazilian taxation authority (Receita Federal do Brasil or RFB) in August, over 12,000 corporations in the nation seem to have crypto holdings. Needless to say, this is the highest number ever recorded for a country. Crypto-friendly regulations in Brazil are undoubtedly the biggest reason for this.
The RFB reportedly found 12,053 separate organizations with crypto investments in their balance sheets in August, 2022. This number is as much as a 6.1% increase from the 11,360 Brazilian companies recorded in July.
The RFB has further noted that Bitcoin (BTC) is the most popular cryptocurrency among these institutional investors, followed closely by the USDT or Tether.
While the amount of individual crypto investors in Brazil went down in August as compared to the previous month, Brazilians continue to have high faith in the potential of cryptocurrencies, as witnessed by a September report. As was stated, over 77% of the Brazilian population harbor trust in virtual assets.
Meanwhile, several financial service providers in the country have started facilitating crypto-related services. These names would include the brokerage firm XP Inc. and the payment application PicPay.
In other noteworthy news, Brazil’s inflation rate had touched a 26-year high of 12.1% back in April 2022, but as per latest figures from August, it has come down to 8.7%.