Brazil’s net imports of cryptocurrency surged by 60.7% in the first nine months of 2024 compared to the same period last year, surpassing the total for the entire year of 2023, according to data released by the central bank on Tuesday.
As the world’s tenth-largest crypto market, Brazil has seen this remarkable growth driven primarily by an increase in stablecoins—digital assets pegged to traditional currencies like the U.S. dollar. Stablecoins accounted for nearly 70% of all cryptocurrency transactions in the country this year, as reported by the tax revenue service.
Central bank chief Roberto Campos Neto announced plans to regulate stablecoins by 2025, highlighting concerns that their rising popularity is often linked to tax evasion and illicit activities.
The central bank’s data indicated that year-to-date net imports of cryptocurrency reached $12.9 billion by September, exceeding last year’s total of $11.7 billion. Fernando Rocha, head of the bank’s statistics department, noted the continuing acceleration of net imports year-over-year, although there was a slight month-to-month decline. In September, net imports amounted to $1.4 billion, down from $1.5 billion in August. Rocha added, “This doesn’t necessarily mean they’ve peaked.”
Unlike Bitcoin and other volatile cryptocurrencies, stablecoins such as Tether (USDT) and Circle’s USDC offer greater stability and facilitate rapid transfers across the globe, further contributing to their increasing adoption in Brazil.
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