Brazilian businesses set new records for cryptocurrency purchases in October

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The Brazilian tax authorities (RFB) has just reported that institutions have once more shattered sales records for cryptocurrencies in Braziln.

The organization reported that nearly 42,000 businesses bought cryptocurrencies of some form in October, breaking the previous high of 40,161 businesses who said they had done so in September.

Nearly 42,000 companies purchased cryptocurrencies in October, according to the most recent data provided by the Brazilian tax authority (RBF), which is authorized by law to receive crypto purchase statements from taxpayers.

When compared to the previous record set in September by 40,161 institutions, these 41,817 businesses that bought cryptocurrency broke it.

Given that the data presented pertains to October, it is unclear how the recent closure of FTX, one of the largest cryptocurrency exchanges, has affected Brazilian users’ confidence in the market.

Similar to other opportunities, the reports also provide information on the quantity of transactions recorded and the exchange rates for each token.

The dollar-pegged stablecoin Tether’s USDT was the token used to settle more money in Brazil in October, continuing a pattern from preceding months.

With 693,086 operations, a regional real-pegged stablecoin called BRZ registered the second-highest number of transactions.

According to reports, FTX was the primary trading platform for these operations, and it is unclear whether the volume will be absorbed by other available markets.

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