Brazilians Made 2.5 Million Transactions In Less Than 2 Months

The cryptocurrency usage rates are still soaring in Brazil, even with the recent introduction of tax laws which now require traders and investors to declare their Bitcoin and altcoin transactions. According to the media outlet G1, Brazilians made 2.5 million cryptocurrency transactions in around 8 weeks.

The tax authority in the country, the Receita Federal (Department of Federal Revenue) released the data about crypto tax declarations for the period of August to September 2019. As we can see from this, in August Brazilians made 1.5 million cryptocurrency transactions and the number was just under 1 million in September this year.

Per the media outlet G1, the Brazilians made transactions in combined value of $3.3 billion in US dollars during the two month period. Receita Federal added that separate calculations from ABCripto show that Brazilians are now making about $3 million worth of cryptocurrency transactions per day.

Last month, Brazil along with the fellow BRICS nations discussed the creation of a joint five-nation cryptocurrency project meant for cross border payments. Meanwhile, a large number of merchants in the country started accepting crypto payments in recent years. A range of international cryptocurrency companies also targeted this Latin American nation with their expansion plans in recent months.

The cryptocurrency news and use are booming in the country and we can definitely say that Brazilians made a record considering the fact that everything was introduced in August this year. From merchants to users, crypto adoption is real in the country and everyone is looking forward to embracing new technologies.

Meanwhile, the latest Bitcoin and altcoin news and rumors show that there is a period of consolidation now with BTC standing at $7,254 and ETH declining to $146. The prices of XRP, BCH and LTC are also in the red. The biggest loser on the day in the top 10 is Bitcoin SV (BSV) which managed to shed 3.37% of its value overnight.

In contrast to this, we can see that Monero (XMR) gained 2.37% and is now at $54, followed by Huobi Token (HT) which also gained 1.74% overnight. Both of the coins rose following news surrounding the exchanges they are linked to.

The total cryptocurrency market cap today is at $196 billion or $2 billion less compared to yesterday’s levels.