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Brazil continues to see an increase in crypto activity as digital asset imports reach $1.4 billion in September.
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Brazil’s digital asset imports reached $1.4 billion in September, a 40% leap from about $1 billion recorded in the same month of 2023, according to data released by the Central Bank of Brazil and local media reports on Oct. 29.
While imports surged, exports of digital assets remained relatively steady, totaling just $44 million in September 2024 from $45 million in the same period last year. As a result, the country’s net trade for crypto assets resulted in remittances of $1.385 billion, up from $987 million in September 2023.
The central bank’s report includes transactions on cryptocurrencies and stablecoins, with the latest accounting for 70% of all trades. The data reflects an increase in crypto activity in 2024 compared to 2023.
From January to September, crypto imports to Brazil totaled $13.7 billion, a sharp rise from the $8.4 billion recorded during the same period last year. Net imports have grown 60% year-to-date.
The central bank data uses imports to refer to goods and services brought into the country, different from inflows, which refer to the movement of capital flows covering a range of transactions.
Related: Argentina overtakes Brazil in crypto inflows — Chainalysis
The country’s central bank is reportedly working with lawmakers on stablecoin regulation for 2025. Moreover, the monetary authority is discussing a possible tax on stablecoin transactions with exchanges.
Brazil is the largest economy in Latin America, with an estimated gross domestic product (GDP) of approximately $2.4 trillion in 2024.
Polkadot seals partnership in Brazil’s São Paulo for blockchain innovation
Blockchain companies are increasingly seeking to expand their reach in Latin America’s largest economies, with Brazil being a prime target.
According to an Oct. 29 announcement, Polkadot has closed a partnership with São Paulo’s government to foster the development of Web3-based businesses.
The partnership will offer a free training program on blockchain technology for developers. It is set to launch in December and is open to developers and companies of all sizes.
The training will be held online, and no prior experience is required. São Paulo is Brazil’s largest city and financial hub, with a GDP of roughly $3.2 billion in 2023, accounting for 30% of the country’s economic activity.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
This article first appeared at Cointelegraph.com News
