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Brazil’s ‘import’ of cryptocurrencies in 2024 already exceeds the entire volume of 2023, says BC
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Cryptocurrency imports into Brazil saw a significant increase in 2024, surpassing, from January to August, the total amount imported during the entire year of 2023. According to data released by the Central Bank (BC) this Wednesday (25), the amount spent on crypto assets so far this year has already reached US$ 12.368 billion. The amount already surpasses the US$ 12.306 billion recorded throughout the entire last year.
In August 2024 alone, spending on cryptocurrencies totaled $1.579 billion. This is an increase from the $1.320 billion spent in the same month in 2023. In the previous year, from January to August, the accumulated spending on these assets was $7.422 billion. Meanwhile, in 2024 this number has already surpassed $12 billion in the same period.
The Central Bank’s account includes both “issuerless” cryptocurrencies, such as Bitcoin, and those with an issuer, such as stablecoins, which are linked to real assets. However, the inflow of funds from crypto assets from abroad into Brazil remains at much lower levels.
In August of this year, revenues totaled just US$35 million, totaling US$827 million in 2024. For comparison purposes, in 2023, this figure was US$363 million up to August.
Cryptocurrency ‘import’
In the calculation of net income — which considers revenues minus expenses — the deficit reached US$ 11.541 billion in the year to date. This corresponds to a significant increase in relation to the deficit of US$ 7.058 billion in the same period of 2023. For the whole of last year, the deficit was US$ 11.693 billion.
As Fernando Rocha, head of the Central Bank’s statistics department, pointed out, these transactions largely reflect purchases by companies that trade digital assets and offer these products to customers in Brazil. He stressed that these companies usually only maintain a small portfolio of their own. In other words, most of the demand comes from consumers.
In June of this year, the Central Bank changed the way cryptocurrencies are recorded, removing them from the trade balance and current transactions and including them in the capital account. The change was motivated by a recommendation from the International Monetary Fund (IMF). The agency suggested that cryptoassets without an issuer should be recorded in this way. Since the exchange contract does not distinguish between cryptocurrencies with and without an issuer, all transactions are now recorded in the capital account.
Brazil’s ‘import’ of cryptocurrencies in 2024 already exceeds the entire volume of 2023, says BC
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Brazil’s ‘import’ of cryptocurrencies in 2024 already exceeds the entire volume of 2023, says BC
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Brazil’s ‘import’ of cryptocurrencies in 2024 already exceeds the entire volume of 2023, says BC
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Brazil’s ‘import’ of cryptocurrencies in 2024 already exceeds the entire volume of 2023, says BC
