Brazil has seen a surge in Bitcoin and cryptocurrency adoption over the past year, with the number of users now surpassing 1 million for the first time. This data comes from a new report from the South American country’s tax authority, Receita Federal, which showed that 1.33 million Brazilians made crypto purchases in July, 68% more than in June.
Read CRYPTONEWSLAND onThe researchers only included crypto purchases made on Brazilian exchanges in their study, because foreign platforms are not required to follow local legislation 1888. The legislation in 2019 compelled cryptocurrency firms to report Brazilian consumers’ transactions to the government.
The growth is in line with the overall trend of increasing crypto adoption in Brazil. This has been driven by a number of factors including the country’s economic recession and the high inflation rate of its currency, the Brazilian real. Bitcoin and other cryptocurrencies have become increasingly popular as a way to hedge against these macroeconomic trends.
A new crypto bill being reviewed by the Brazilian Congress includes a rule that would require foreign exchanges to have an Employer Identification Number (EIN) to apply for a local license. This would make it so they’d need to report transactions as well.
Crypto adoption at large has seen a surge in 2022 as Bitcoin and other digital assets have surged in value. This has led to more people seeking out ways to buy, sell, and trade cryptocurrencies.
Exchanges have been one of the main beneficiaries of this trend, as they’ve seen a significant increase in trading volume and new users. Brazil’s two largest exchanges, Mercado Bitcoin and Foxbit have both seen their user bases grow by hundreds of thousands of users over the past year.
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