Import of cryptocurrencies grows 40% in Brazil, points out Central Bank

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Import of cryptocurrencies grows % in Brazil, points out Central
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Import of cryptocurrencies grows 40% in Brazil, points out Central Bank
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The import of cryptocurrencies in Brazil reached US$1.4 billion in September 2024. This represents an increase of 40% compared to the same period in 2023, according to data released by the Central Bank of Brazil this Tuesday (29) .

This growth reflects the significant increase in Brazilian interest in digital assets, which is becoming increasingly notable amid the expansion of the crypto market in the country.

While imports of digital assets grow, exports of cryptocurrencies have remained largely stable, with a total of US$44 million in September. The value is close to the US$45 million recorded in the same month last year.

This difference results in a net balance of digital asset shipments of US$1.385 billion, marking an increase compared to US$987 million in September 2023.

Cryptocurrencies in Brazil

Central Bank data includes transactions involving cryptocurrencies and stablecoins, the latter of which represent approximately 70% of the volume of transactions in the Brazilian market.

From January to September 2024, total cryptocurrency imports reached US$13.7 billion. This is a significant increase compared to US$8.4 billion in the same period in 2023, representing a 60% growth in annual imports.

This scenario highlights the growing acceptance and use of cryptocurrencies in Brazil, which is becoming the largest economy in Latin America, with a GDP estimated at US$2.4 trillion in 2024.

The Central Bank, together with legislators, is studying regulations for stablecoins that could come into force in 2025. The idea is to provide more security and clarity to the market.

Furthermore, monetary authorities are discussing the possibility of taxes on stablecoin transactions carried out through exchanges. The measure seeks to monitor market growth and establish parameters for its regulation.

With Brazil becoming one of the main cryptocurrency markets, blockchain initiatives have also gained ground. Recently, the Polkadot network announced a partnership with the government of São Paulo to encourage the development of Web3-based businesses.

Import of cryptocurrencies grows 40% in Brazil, points out Central Bank

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