According to the Central Bank of Brazil, Brazilians have transported over $4 billion in cryptocurrencies into the nation. According to the commercial asset balance data, Brazilians have consistently purchased more than $350 million in cryptocurrencies each month since January. However, according to some central bank analysts, this figure has the potential to double in value this year.
As per a report provided by the Central Bank of Brazil, Brazilians have spent more than $4 billion on bitcoin imports since the beginning of the year. The report, which includes cryptocurrency in the commercial balance of goods, reveals that imports have been over $350 million since January. The cryptocurrency buying frenzy peaked in May, when crypto purchases totaled $756 million in only one month.
Purchases have declined since then, reaching close to $500 million in August. Because September data is not yet available, it is impossible to establish whether the downward trend continues. Brazilians have been lured by cryptocurrencies, and this enthusiasm is unlikely to disappear in the future, according to Bruno Serra, director of monetary policy at the Central Bank of Brazil.
According to Serra, Brazilian cryptocurrency investments overseas may potentially quadruple the amount invested in American stocks. However, Brazil is currently unable to produce cryptocurrency. In this regard, Serra emphasised:
“ It’s a one-way flow. Due to the cost of energy, Brazil does not produce crypto actives, it is just an importer. “
And the data backs up its claims. According to the same data, bitcoin outflows have only reached $15 million, accounting for less than 1% of total cryptocurrency inflows into the country.
This year’s inflows have the potential to exceed $8 billion, according to Serra.
Cryptocurrencies are classified as goods by the Central Bank of Brazil, and their inflows and outflows from the country must be recorded in statistics. The bank calculates these figures using exchange contracts as a starting point. These are legal documents that record negotiations between buyers and sellers, as specified by the bank.