Brazil’s crypto activity continues to grow, with digital asset imports reaching $1.4 billion in September.
Brazil’s digital asset imports reached $1.4 billion in September, marking a 40% increase from the approximately $1 billion recorded in September 2023, according to data released by the Central Bank of Brazil and local media on Oct. 29.
Despite the spike in imports, exports of digital assets remained relatively stable, totaling $44 million in September 2024, down slightly from $45 million the previous year.
Consequently, Brazil’s net trade in crypto assets generated $1.385 billion in remittances, compared to $987 million in September 2023.
The central bank’s report, covering both cryptocurrency and stablecoin transactions, shows that stablecoins made up 70% of all trades. The data highlights an uptick in crypto activity in 2024 versus 2023.
Brazil’s crypto imports amounted to $13.7 billion from January to September, a significant increase from the $8.4 billion recorded over the same period in the previous year. This represents a 60% growth in net imports year-to-date.
In this context, the central bank’s term “imports” refers to goods and services entering the country, distinct from “inflows,” which encompass a range of capital flow transactions.
Additionally, the central bank is reportedly collaborating with lawmakers on stablecoin regulations set for 2025. Discussions are also underway regarding a potential tax on stablecoin transactions through exchanges.
With a gross domestic product (GDP) estimated at $2.4 trillion in 2024, Brazil remains Latin America’s largest economy.
Polkadot Partners with São Paulo to Promote Blockchain Innovation
Blockchain companies are increasingly targeting Latin America’s largest economies for expansion, with Brazil as a key focus.
In an Oct. 29 announcement, Polkadot revealed a new partnership with São Paulo’s government to promote Web3 business development.
The collaboration includes a free online blockchain training program launching in December, open to developers and companies of any size or experience level.
As Brazil’s largest city and financial hub, São Paulo has a GDP of approximately $3.2 billion in 2023, accounting for 30% of Brazil’s economic output.
