According to official on-chain data in Brazil in September, the transaction volume with XRP reached a remarkable level. According to data released by Brazil’s tax authority, Receita Federal, 308,411 XRP transactions were carried out in the country and the total transaction amount increased to 242 million Brazilian reals. These figures represent real data from the field, disclosed directly from the government source and not subject to manipulation.
How Does Brazil’s Crypto Tracking System Work?
Receita Federal collects cryptocurrency transactions across the country through several different reporting channels. Official data does not only include figures obtained from stock exchanges; Transactions of individual and corporate users on foreign crypto platforms and direct user-to-user (P2P) transfers above the monthly threshold value are also reflected. In Brazil, users must officially report crypto transactions worth over 30 thousand reais. In this way, the total official transaction volume is revealed.
Background and Scope of the Data
In Brazil, the reporting obligation on crypto assets was implemented several years ago. Within the scope of this system, stock exchanges, individuals and institutions report to the authorities the high amount transactions they make not only on the platforms in the country, but also on foreign exchanges or through direct transfer. The data obtained from these notified transactions can be shared with the public in a completely transparent manner.
The inclusion of P2P transactions over 30 thousand reais ensures that the total figure provides an assessment free of market noise. Thus, the amount seen in official records constitutes a much more reliable and concrete value than the estimated volumes. However, it should be noted that only declared amounts are counted; The total transaction volume may be higher than this figure.
Noteworthy Aspects of XRP Transactions
The number of 308,411 transactions published for XRP was recorded as a very high level for a single month and a single country. Not just individual users; Transactions from companies and foreign exchange users also contributed to this number. As of September, XRP stood out among the assets actively used in the market in Brazil.
This number of transactions, shared on the social media platform The ability to monitor corporate, individual and P2P transactions simultaneously shows Brazil’s institutional meticulousness in this field.
The official reporting and auditing mechanism implemented by Brazil indicates that crypto assets other than XRP are monitored to a similar extent. In official government statements, the transaction volume of XRP revealed the vitality of the crypto economy in the country and provides comparative data on this issue to other countries.
