In what is a massive development for the industry, Brazil has seen its crypto imports increase a remarkable 60.7% through September. Moreover, that has seen the total et imports of digital assets surpass the entire 2023 total, according to central bank data.
Brazil’s cryptocurrency market now stands as the 10th largest in the world, according to Chainalysis data. One of the key reasons for the increase has been an influx of stablecoin usage within the country. The US dollar-pegged digital asset accounted for almost 70% of all crypto-related transactions.
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Brazil Crypto Usage Surges, as Total Imports Already Beat 2023
2024 has proven to be a massive year for cryptocurrencies. In the United States, the asset class has been front and center. Two crypto-based ETFs had received approval, with the sector becoming a key political issue heading into the year’s presidential elections.
One key reason why the asset class has dominated finance is its incredible growth. That has been clearly seen in Brazil, as crypto imports through September have surged 60.7% and surpassed all of 2023. Moreover, the country has seen prominent crypto firms like Coinbase and Ripple expand into the region.
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Brazil’s Central Bank chief, Roberto Campos Neto, recently said that stablecoins will likely get regulations in 2025, according to a Reuters report. Specifically, he noted that the need to regulate the asset class was driven by an influx of demand from citizens.
Through September, imports of cryptocurrencies surpassed $12.9 billion. In all of 2023, that figure only reached $11.7 billion, showing a clear trajectory of growth. There is no denying that the country’s BRICS affiliation could have a part to play. The bloc has looked into the use of crypto and blockchain as key financial measures to integrate into its operations.
