Federal Revenue reformulates document and reveals that USDT and not Bitcoin is the ‚preferred‘ cryptomeda of Brazilians

Brazil follows a worldwide trend and USDT is the preferred cryptomeda of Brazilians in negotiations with cryptoactives and not Bitcoin which is in second place

The Federal Revenue Service reformulated the document that contains the transactions reported to the regulator by the cryptomoeda exchanges and, with this, revealed that stablecoin USDT, commanded by Tether and Bitfinex, is the most traded cryptomoeda in Brazil.

Thus, according to the latest data released by the RFB, for the month of October, while the trading with USDT total R$ 2.7 billion, the Immediate Bitcoin trading reaches just over R$ 2.1 billion.

In addition, the reformulation of the Revenue in the presentation of data revealed a huge drop in the volume of XRP, Ripple token.

Thus, the cryptoactive that has figured for months as the most traded cryptomeda in Brazil with trading in billions of reais, fell to just over $ 27 million.

The data from the IRS also indicate that negotiations with Tether and Bitcoin dominate the cryptoactive market in Brazil being responsible for more than 83% of all cryptomeda negotiations in the country.

Together Tether and Bitcoin amount to R$ 4,921 billion in negotiations while, according to the Federal Revenue, in October little around R$ 5,910 billion were negotiated.

The numbers of crypto trading in Brazil mirror what happens in the global cryptomeda market which also has its trading dominated by USDT, with Bitcoin as the second most traded cryptomeda and, together, adding more than 60% of the market trading.

In this line, according to data from Coinmarketcap, on December 5th, the volume of USDT traded in the last 24 hours is US$ 50 billion and that of BTC US$ 28 billion, together, BTC and USDT, account for about 60.3% of all cryptomoeda trades.

Federal Revenue

The data reported to the Federal Revenue attend the determinations of the Normative Instruction 1888 and indicate that the market is dominated by the male public.

Men represent 88.47% of the transactions while women 11.53%, in addition, with regard to the value of operations, the total 84.11% are made by the male public while 15.89% are made by women.

In October, the month that preceded the rise of Bitcoin to US$ 19,000, there was no increase in interest in trading with BTC in exchanges and, according to Revenue data, just over 107,000 people traded crypto in the country and over 3,000 legal entities.

As for the stablecoins based in Reais, BRZ, from Transfero, beat the record in trading volume reaching R$ 327,521,563.09 in the month surpassing the second cryptomoeda in the market, Ethereum which answered for R$ 100,295,159.10 of the negotiations in the country.

Another important data revealed by the Federal Revenue about the cryptomoeda market in Brazil is that the negotiations, without exchange, via p2p and OTC goes from R$ 1 billion and accounts for 20% of all the cryptomoeda volume negotiated in the country.

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