The Rise of Tether in Brazil: A Rollercoaster Ride in Crypto Land

USDT Emerges as Dominant Crypto in Brazil by 2023, Accounting for 80% of All Transactions

Brazil’s USDT adoption in 2023 skyrockets, accounting for 80% of total crypto transactions.

Ah, Brazil, land of samba, football, and now, a hotbed for cryptocurrency transactions. It seems that our beloved stablecoin, Tether (USDT), has taken over the Brazilian crypto scene, accounting for a whopping 80% of all digital asset transactions in the country! That’s like Messi scoring 80% of goals in a football match. Talk about dominance!

In a land of Bitcoin aficionados, USDT has managed to steal the show. Just imagine, USDT transactions in Brazil this year have amounted to a staggering $271 billion Brazilian reais (~$55 billion), almost double the volume of Bitcoin transactions, which were $151 billion reais (~$30 billion). Move over, Bitcoin, there’s a new sheriff in town.

The surge in USDT adoption didn’t happen overnight, though. It all started in 2021 when the storm of the crypto industry hit its peak, and crypto lenders Three Arrows Capital and Voyager Capital collapsed. It was like being caught in a tornado, but hey, every storm has a silver lining, right? USDT came out of this chaos stronger than ever, crossing Bitcoin’s volume for the first time in July 2022. It’s like witnessing Michelangelo painting the Sistine Chapel amidst a whirlwind, truly a miraculous feat.

Now, don’t be fooled, the Brazilian government has its eyes on crypto activities. The Brazilian tax agency uses an AI-powered system to track citizens’ crypto-related transactions. It’s like having the Incredible Hulk on their side, smashing through suspicious activities and tracing the location of individuals trading cryptocurrencies. So, if you’re thinking of doing anything naughty, don’t mess with the Hulk!

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But it doesn’t stop there. The Brazilian government is also setting its sights on citizens’ crypto investments overseas. They recently passed legislation that recognizes cryptocurrencies as “financial assets” for tax purposes in foreign investments. It’s like they’re saying, “Hey, we see you hiding your gains over there, and we want our piece of the pie.” So, starting in January 2024, earnings between 6,000 and 50,000 reais (~$10,000) will be taxed at a rate of 15%. And if you’re making it rain with more than that, get ready for a tax rate of 22.5%. Ouch!

Now, let’s not forget the rule even superheroes must obey. Since 2019, crypto exchanges operating in Brazil have been required to disclose all user transactions to the government. And if you’re cashing in big-time, selling more than 35,000 reais (~7,000) worth of crypto per month, get ready for the progressive tax bracket, which ranges from 15% to 22.5%. It’s like a rollercoaster ride, going up and down, with the government taking its cut at every twist and turn.

In Brazil, a crypto lover can find some of the biggest global exchanges like Coinbase, Binance, Bitso, and Crypto.com, standing side by side with local players like Mercado Bitcoin and Foxbit. It’s like attending a party with international celebrities mingling with the local crowd. Exciting, isn’t it?

So, buckle up, my fellow crypto enthusiasts, and get ready for a wild ride in Brazil’s crypto land. With Tether leading the charge, it’s like driving a Ferrari on the Autobahn of the digital asset world, speed and stability all in one. And remember, superheroes may come and go, but Tether seems to have found its permanent cape in Brazil. Enjoy the journey!

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Hey there, crypto connoisseurs! Have you heard about Tether’s conquest of Brazil? It’s like witnessing a thrilling football match, with Tether scoring goals left and right while Bitcoin sulks on the sidelines. Talk about a plot twist in the crypto world!

But wait, I don’t want to hog the spotlight. What do you think about Tether’s rise in Brazil? Are you thrilled or surprised? Share your thoughts and let’s dive deeper into the world of stablecoins and the ever-evolving crypto landscape. Crash course anyone?

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