The scale of the cryptocurrency usage in Brazil continues to grow exponentially, despite the recent tax tightening legislation, which requires traders and investors to declare their operations with bitcoins and altcoins.
According to G1, the Brazilian tax organization Receita Federal (Department of Federal Revenue) has published data on cryptocurrency declarations for the period from August to September 2019.
In August, in the first month after the entry into force of the new laws on tax returns by Receita, authorities said that 1.5 million crypto transactions were made in the country, and in September a little less than 1 million were made. Receita Federal reports that the total amount of transactions made is $ 3.3 billion.
Media add that some ABCripto calculations show that Brazilians make transactions worth about $ 3 million every day.
Last month, Brazil and other BRICS countries discussed the creation of a joint cryptocurrency project for international payments for the five participating countries.
In recent years, an increasing number of companies and services in the country have begun to accept cryptocurrency, and a number of international cryptocurrency organizations have turned to Latin America in order to implement their plans to expand their influence and technological improvement.