According to a report from the Brazilian tax department, the trading volume of Tether (USDT) in Brazil has increased significantly since 2021. Tether has surpassed Bitcoin (BTC) in terms of trading volume during the same period. The report states that Tether was traded at a level of over R$271 billion, almost double the volume of Bitcoin, which was over R$151 billion. Data from Brazil's revenue service agency shows that 80% of cryptocurrency transactions in the country are related to USDT, making it the most traded digital asset in 2023. The report also mentions that the trading volume of USDT has exceeded the combined volume of all other cryptocurrencies traded last year. This trend aligns with a warning from the International Monetary Fund (IMF), which stated that stablecoins could potentially replace official currencies and have a significant impact on countries' monetary policies. The Brazilian tax authority has been monitoring the growth of stablecoins using advanced techniques like AI and network analysis. The report highlights the rising inflation and devaluation of the Brazilian real as factors that have led to an increase in stablecoin trading. Brazilians are also motivated to purchase stablecoins due to the tax on financial operations that applies to acquiring foreign currency but not stablecoins. Unlike Brazil, other Latin American countries like Argentina have shown more interest in Maker's DAI.
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