The tax office for the South American nation said that 12,053 businesses bought cryptocurrency throughout the month.
Latin countries are attracting institutions to hold cryptocurrency due to certain difficulties with their economies. According to the tax office of the South American nation, Receita Federal, more than 12,000 Brazilian corporations bought cryptocurrencies in August for the first time in a single month.
Receita Federal said that 12,053 businesses reported buying cryptocurrencies in August, breaking the previous high of 11,360 businesses in July. The cryptocurrency holdings of Brazilian businesses are 10.9 billion reals ($2.1 billion), according to Receita Federal.
Additionally, August data are five times higher than those from August 2019, when businesses started informing the tax department of their cryptocurrency transactions.
However, the number of individual statements did slow considerably in August compared to July, falling by 35,000 statements. More than 1,300,000 people claim to have some sort of cryptocurrency as part of their assets, therefore this metric is still high.
The Brazilian Tax Authority (RFB) updates the market each month on changes in the number of required declarations regarding the possession of cryptocurrencies to provide a window into the development and trajectory of the market.