Details here: The number of enterprises that hold cryptocurrency assets has reached a new high

Details here: The number of enterprises that hold cryptocurrency assets has reached a new high ...

Brazil is reportedly witnessing a surge in institutional investors, according to the country''s taxation authority, Receita Federal do Brasil (RFB). Today, a total of 12,053 organizations have declared holding cryptocurrency in July this year. This is a six-fold increase from the 11,360 countries that had declared holding cryptocurrency in July this year. This has taken a hold at a time when Brazil''s inflation rate reached a 26-year high of 12.1 percent in April.

The two most popular cryptocurrency being held by Brazilian corporations are Bitcoin, followed by stablecoin Tether.

While the number of institutional investments in Brazil''s crypto industry has increased, the value of the total declarations appears to have dropped significantly.

These investments fell from $3.4 billion in July to $2.1 billion (roughly Rs. 17,298 crore) in comparison to the same amount in $3.4 billion in July (roughly Rs. 28,008 crore).

Tether had the most value transacted, with over $1.42 billion (roughly Rs. 11,695 crore) distributed across nearly 80,000 transactions in August, averaging roughly $17,500 (roughly Rs. 14 lakh) per transaction, according to a CoinTelegraph report.

Residents of Brazil have shown their inclination to experiment with the virtual digital asset industry often.

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Nubank, Brazil''s largest digital bank, began offering Bitcoin and Ether to be purchased or sold on its platform in May. Nubank''s decision was fueled by the growing number of crypto investors there.

According to a September analysis, Brazil''s 77 percent population trusted digital assets.

The Brazilian central-western federal prosecutor''s public prosecution office has launched a special investigation unit to investigate and prevent crypto crimes.

Brazil is putting a significant focus on establishing appropriate penalties and sanctions for those who use cryptocurrency for ill-sellert activities such as money laundering, fraud, and other white-collar crimes.