Brazil’s crypto asset imports hit $1.4 billion in September. This marks a 40% jump from the $1 billion reported last year, per the Central Bank of Brazil. The demand surge largely centers on stablecoins, which now account for 70% of all crypto trades.
Meanwhile, exports of digital assets stayed flat. They totaled $44 million in September, close to last year’s $45 million. Net crypto trade reached $1.385 billion, rising from $987 million in Sept. 2023.
From January through September, crypto imports climbed to $13.7 billion, a 60% increase from $8.4 billion in the same period last year, according to the report.
The central bank defines imports as any digital assets entering Brazil. This differs from capital inflows. To manage the crypto surge, lawmakers are discussing stablecoin regulations for 2025. They may also impose taxes on stablecoin trades, seeking to stabilize the market.
Brazil’s position in Latin America’s crypto and blockchain landscape
Brazil, Latin America’s top economy, is now a hotspot for blockchain growth. The country’s GDP stands at $2.4 trillion. On Oct. 29, Polkadot confirmed a new partnership with São Paulo’s government.
The goal is to boost Web3 business in Brazil. A free online training program for blockchain skills launches in December, open to all levels.
São Paulo leads Brazil’s economy with a $3.2 billion GDP in 2023, roughly 30% of the nation’s total. As demand for blockchain grows, Brazil is fast becoming Latin America’s hub for digital innovation.
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