The Brazilian tax authority says the total value of transactions in USDT has increased by 58% in 2022 compared to 2021.
According to TheBlock, Brazil is experiencing severe economic instability, people in this country are increasingly interested in using cryptocurrencies and watching other types of money. stablecoins like Tether’s USDT as a cryptocurrency of choice for daily trading.
The federal tax agency has aggregated data from foreign and local exchanges on the use of USDT, stating “the value of all transactions to Tether (USDT) Bitcoin and Ethereum, although also widely used in Brazil, have fallen by more than 60% since 2021 because of the downtrend wave.
In 2022, the cryptocurrency sector in Brazil made significant progress in terms of regulation when the government accepted a number of cryptocurrencies as a payment method, of which a bill to regulate cryptocurrencies was passed.
However, according to analyst Thomaz Fortes, the main crypto use cases for Brazilians are still speculative investments.
“Brazilians want to increase their income and they look to cryptocurrencies. In this country the growth in the number of crypto users is much faster than the stock market,” he said.
Nubank, the leading crypto exchange in Brazil, says it has reached 1.8 million customers, about four months after launching the service.
According to Statista, Cryptocurrency-related revenue in Brazil is expected to grow at an annual growth rate of 15.25% from 2023 to 2027.
See also: Brazilian bank allows people to pay taxes with cryptocurrency
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