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Stablecoin Tether (USDT) Accounts for 80% of Cryptocurrency Transactions in Brazil, Surpassing Bitcoin Volume

According to data from Brazil's revenue service agency, stablecoin Tether (USDT) has become increasingly popular in Brazil, accounting for 80% of all cryptocurrency transactions in the country. USDT transactions in Brazil amounted to $271 billion Brazilian reais (~$55 billion) as of mid-October, almost double the volume of Bitcoin (BTC) transactions in the country. The Brazilian tax agency tracks crypto-related activities of citizens using a sophisticated system that relies on artificial intelligence and network analysis, and is also targeting crypto investments held by the country's citizens overseas. The local Congress passed legislation that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments, with taxes applied at a rate of 15% to 22.5%.

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