Brazil’s cryptocurrency imports reached $12.37 billion by August 2024, surpassing last year’s total. The Central Bank’s data highlights growing demand despite an increasing trade deficit in digital assets.
Brazil, Bollywoodfever: According to data from the Central Bank of Brazil, cryptocurrency purchases made abroad have soared in 2024, surpassing the figures registered in 2023. These purchases, classified as imports, reached an impressive $12.37 billion from January to August, surpassing the total of $12.30 billion recorded in all of 2023. This signals growing demand for digital assets in the country, with exchanges and trading platforms acquiring more crypto to meet the needs of their users.
The significant increase is evident when compared to the $7.42 billion in crypto imports during the same period in 2023. This sharp rise in demand underscores Brazil’s position as one of the leading countries in cryptocurrency ownership.
Central Bank’s Insight on the Crypto Boom
The Central Bank’s report, clarified by Valor Economico, includes both cryptocurrencies with issuers, such as stablecoins, and those without, like Bitcoin. Fernando Rocha, head of statistics at the Central Bank, noted that the data reflects the demand from exchanges and trading companies striving to satisfy their customers’ needs. He explained, “Apart from this part of the portfolio, which is generally just a transactional part, it is the customers who are demanding from the companies.”
Despite the surge in imports, Brazil is facing a growing cryptocurrency trade deficit, amounting to $11.54 billion in 2024. This imbalance is partly attributed to the country’s unfavorable conditions for cryptocurrency mining due to high energy tariffs. Experts predict that this deficit could widen further, potentially reaching $18 billion by the end of the year.
Brazil’s Crypto Popularity on the Rise
The continued demand for cryptocurrency in Brazil highlights the asset class’s increasing popularity. Recent polls have placed Brazil among the top 10 countries with the highest cryptocurrency ownership, further reinforcing the importance of digital assets in the nation’s financial landscape.
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