Brazil's federal tax authority, which compiles data from foreign and local exchanges on cryptocurrency usage, said that the value of all transactions for tether jumped 58% last year compared to a year earlier.
The tax authority reported that the total value of transactions in USDT saw a jump of 58% in 2022 compared to a year earlier.In a country where economic instability is as common as coconuts, Brazilians appear to favor the stablecoin tether as their cryptocurrency of choice.
The federal tax authority, which compiles data from foreign and local exchanges on cryptocurrency usage, said that the value of all transactions for tether jumped 58% last year compared to a year earlier. Bitcoin and ether, also widely used, saw decreases of more than 60% from 2021. Last year, Brazil approved a law regulating cryptocurrencies, a major step forward as the country embraces digital assets.reported Thomaz Fortes, the crypto lead at Brazil's Nubank, as saying.
“Customers want a way to expand their earnings,” he said in October. “The retail growth in the number of users in crypto has been much faster than in the equities market."Cryptocurrency-related revenue in the country is expected to show an annual growth rate of 15.25% between 2023 and 2027, Statista© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
58 Valentine’s Day Gifts (That You Can Buy on Amazon) for Every Type of WomanSkip the giant stuffed teddy bear.
Read more »
Super Bowl 58 Odds 2024 - Chiefs Favored to RepeatAfter capturing Super Bowl 57 over the Philadelphia Eagles, the Kansas City Chiefs are currently favored to repeat as champions at Super Bowl 58.
Read more »
49ers, Chiefs Among Favorites in Way-Too-Early Super Bowl 58 OddsSuper Bowl LVII just concluded, but the Kansas City Chiefs are already listed as favorites to win Super Bowl LVIII in Las Vegas. The 49ers aren’t too far behind.
Read more »
ACC admits blown call at end of regulation in Virginia’s overtime win over DukeThe ACC admitted that Duke should have shot two free throws at the end of regulation against Virginia on Saturday with the game tied at 58-58.
Read more »
BUSD Depegs From Rival Stablecoin Tether After US Regulator Tells Paxos to Stop Minting New TokensBUSD holders migrate to rival dollar-pegged stablecoin tether after NYDFS told Paxos to stop minting BUSD tokens over its relationship with Binance. Reports godbole17.
Read more »
Tether Mints 1 Billion USDT Amid Bitcoin (BTC) Price Drop and Binance USD (BUSD) Scandal1 billion $USDT minted as Bitcoin $BTC price drops on Binance USD $BUSD scandal bitcoin btc tether usdt binance busd binanceusd bnb binancenews
Read more »