Brazil Crypto Imports Soared 40% in September
30 Oct, 2024 ● Crypto News
Brazil's digital asset imports reached $1.4 billion in September, marking a 40% increase from around $1 billion in September 2023, as reported by the Central Bank of Brazil and local media on October 29.
While imports rose sharply, digital asset exports held steady, totaling $44 million in September 2024 compared to $45 million the previous year.
Consequently, Brazil’s net crypto trade balance amounted to remittances of $1.385 billion, up from $987 million in September 2023.
The central bank’s report includes both cryptocurrencies and stablecoin transactions, with stablecoins representing 70% of all trades.
This data indicates a rise in crypto activity in 2024 compared to the prior year.
Between January and September, Brazil’s crypto imports totaled $13.7 billion, a significant increase from the $8.4 billion recorded over the same period last year. Year-to-date net imports have grown by 60%.
In this data, "imports" refer to digital assets brought into the country, distinct from “inflows,” which cover a broader range of capital movements.
The central bank is reportedly collaborating with legislators on stablecoin regulations expected in 2025.
Additionally, it is considering a potential tax on stablecoin transactions conducted through exchanges.
Brazil, the largest economy in Latin America, has an estimated GDP of $2.4 trillion in 2024.
Blockchain firms are increasingly targeting Latin America's major economies, with Brazil being a key focus.
On October 29, Polkadot announced a partnership with São Paulo’s government to promote Web3-based business development.
The partnership will offer a free blockchain technology training program for developers, scheduled to begin in December.
The program will be held online, requiring no prior experience, and is open to developers and businesses of all sizes.
São Paulo, Brazil's largest city and financial center, had a GDP of approximately $3.2 billion in 2023, contributing 30% to the national economy.
Sources:
https://cointelegraph.com/news/brazil-crypto-imports-surge-september
