Friday, November 22, 2024 – Brazil’s crypto asset imports surged 60.7% in the first nine months of 2024 compared to the same period last year, exceeding the total volume for all of 2023, according to data from the central bank.
Net crypto imports reached $12.9 billion by September, surpassing the $11.7 billion recorded for 2023. The growth shows the Brazil’s status as the world’s tenth-largest cryptocurrency market, as reported by blockchain analytics firm Chainalysis.
The Brazillian Central Bank says the sharp increase was driven primarily by demand for stablecoins—cryptocurrencies pegged to fiat currencies like the US dollar.
Stablecoins accounted for nearly 70% of all crypto transactions in Brazil this year, data from the country’s tax revenue service indicated.
While offering transactional stability and speed, stablecoins like Tether (USDT) and Circle’s USDC have drawn regulatory attention.
Recently the Brazilian Central Bank announced plans to regulate stablecoins starting in 2025, citing concerns over their use in tax evasion and illicit financial activities.
The Central Bank also noted a decline in month-to-month imports, with September’s $1.4 billion slightly lower than August’s $1.5 billion. However, it emphasized that year-over-year growth remained robust and did not suggest a market peak.
