Brazil favors cryptocurrencies, has bought and sold cryptocurrencies worth $ 6.3 billion in less than a year

Brazil favors cryptocurrencies, has bought and sold cryptocurrencies worth $ 6.3 billion in less than a year
Crypto is gaining popularity in Brazil, as confirmed by the latest IRS reports.

After Brazilian laws ordered every crypto trading provider to disclose all details regarding revenues as well as turnovers, it shows how much interest the country has in cryptocurrencies.

The data were compiled by the Federal Revenue of Brazil (RFB), according to which a total of 33 billion Brazilian Rea was to be traded from January to September 2020, representing approximately $ 6.3 billion in cryptocurrencies.

public report from RFB

Tables published by analysts at Trustnodes show that most of the traders preferred Bitcoin and Ethereum. However, supporters of the Doge were also found.

Brazilians use the most over-the-counter (OTC) trading and the largest providers include Transfero, Foxbit, Novadax, Escher, Nox, Red River, BitBlue, BitPreço, and OWS.

Foxbit CEO João Canhada also commented on the current situation and stated:

They are investors seeking diversification, often leaving the traditional market, finishing with financial investments in traditional banks and brokers, and coming to acquire their first bitcoin. This customer profile prefers OTC,

About OTC

Over-the-counter (OTC) or off-exchange trading is done directly between two parties, without the supervision of an exchange. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating liquidity, providing transparency, and maintaining the current market price. In an OTC trade, the price is not necessarily publicly disclosed.

Read also: Ukrainian deputies declare assets in cryptocurrencies worth tens of millions of dollars

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