In September, Brazil saw a surge in crypto imports by 60.7%. According to the central bank, the total net imports of digital assets last month exceeded the total imports in 2023.
Brazil’s crypto market has reached the 10th largest in the world as per Chainanylasis data. This could be the outcome of the increase in the stablecoin usage around the country. About 70% of the country’s transactions were done through US dollar-pegged stablecoin.
2024 has been a pivotal year for the crypto market, especially for the US. Two crypto-based ETFs got regulatory approval making way for cryptocurrency to enter mainstream finance.
Furthermore, cryptocurrency has been a hot topic in the current presidential elections in the United States. Both parties are talking about the regulation, innovation, and security of the crypto sector to win off their mandate.
As Brazil has seen a surge in crypto imports, top crypto firms like Coinbase and Ripple are also expanding in the country.
Brazil’s crypto imports exceeded $12.9 billion in 2024
According to a Reuters report, Roberto Campos Neto who is the chief of Brazil’s central bank recently shared that the stablecoins will be regulated by 2025. He pointed out the need for regulations because there’s an influx in demand for the asset class by the citizens.
In September 2024, the crypto imports have exceeded $12.9 billion. While in 2023 the figure could only reach up to $11.7 billion, which shows the immense growth difference.
It can’t be ignored that the BRICS affiliation with the country could also be one of the reasons for its crypto demand. BRICS has been looking into crypto and blockchain as important financial measures to include in its operations.
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