USDT Overtakes Bitcoin in Brazil as Crypto Transactions Soar Despite Market Slump
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USDT transactions in Brazil have soared, reaching $271B reals in 2023, almost double Bitcoin's $151B reals.
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USDT now accounts for 80% of all crypto transactions in Brazil, overtaking Bitcoin for the first time in July 2022.
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Crypto winter cut crypto transaction volume in Brazil by 25% in 2022, ending at $154B reals.
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Brazil's tax agency tracks crypto activities using AI and can detect suspicious trading and locate traders.
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Starting in 2024, Brazil will tax crypto gains made overseas between $10K-50K at 15%, and over $50K at 22.5%.