Brazil Crypto Imports Up 60% Through September, Surpasses 2023 Total

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.

Also Read: Circle Expands Access to USDC in Brazil and Mexico

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.

Source: Reuters

Also Read: BRICS: Brazil To Incorporate Government Bonds in CBDC Digital Currency

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.

  • Brazil
  • crypto

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media flak
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keeping an eye on the price
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elected
Read more