In a surprising turn of events, Brazil has witnessed a surge in USDT transactions, totaling a staggering $271 billion Brazilian reais (~$55 billion) this year. This remarkable milestone has propelled USDT transactions beyond the volume of Bitcoin transactions within the country.
Curiously, this surge in USDT activity aligns with the turbulent period in July 2022 when prominent crypto lenders, Three Arrows Capital and Voyager Capital, faced substantial setbacks during the crypto industry’s tumult.
Additionally, Brazil’s tax authority has implemented a state-of-the-art system to meticulously track crypto-related activities, alongside an intensified focus on scrutinizing crypto investments held by its citizens abroad.
As the dynamics of Brazil’s crypto landscape undergo profound changes, stay informed about the evolving narrative at Cryptopulse Hub.
