As a seasoned crypto investor with a keen eye for emerging markets, I find Brazil’s growing interest in digital assets truly intriguing. Having witnessed the crypto boom and bust cycles in developed economies, it’s refreshing to see an emerging market like Brazil embracing this technology.
In September of this year, Brazil’s digital asset imports totaled approximately $1.4 billion – a significant increase of around 40% compared to the roughly $1 billion imported in September of last year, as reported by data from the Central Bank of Brazil and local media sources on October 29th.
In September 2024, digital exports maintained a stable level compared to the previous year, amounting to $44 million, while imports significantly increased. This shift led to an overall net trade surplus of crypto assets worth approximately $1.385 billion, marking a rise from the $987 million recorded in September 2023.
The bank’s report encompasses dealings related to cryptocurrencies and stablecoins, with approximately 7 out of every 10 transactions falling under this category. This suggests a rise in cryptocurrency usage in the year 2024 when compared to the previous year, 2023.
Between January and September this year, Brazil received a total of $13.7 billion worth of crypto imports, marking a significant increase compared to the $8.4 billion imported during the same period in 2020. So far this year, the net import of cryptocurrencies has risen by 60%. It’s important to note that when we talk about imports here, it pertains to goods and services entering the country, whereas inflows refer to the movement of capital, encompassing various types of financial transactions.
It appears that the nation’s main financial institution is collaborating with legislators to establish rules for stablecoins by the year 2025. Additionally, there are discussions ongoing between this authority and cryptocurrency exchanges about potentially imposing a tax on transactions involving these stablecoins.
In 2024, it’s predicted that Brazil will have one of the biggest economies in the region known as Latin America, with a projected Gross Domestic Product (GDP) of around 2.4 trillion U.S. dollars.
Polkadot seals partnership in Brazil’s São Paulo for blockchain innovation
More and more blockchain firms are aiming to broaden their influence in the biggest economies of Latin America, with Brazil standing out as a key focus.
As stated in an October 29th announcement, Polkadot has formed a partnership with São Paulo’s administration to nurture the growth of companies that operate on the web3 platform.
As a crypto investor, I’m thrilled to share that starting in December, I’ll be part of an exciting partnership offering a complimentary learning program focused on mastering the intricacies of blockchain technology. Whether you’re a solo developer or a large-scale company, this opportunity is open to all who seek to expand their knowledge and skills in this rapidly evolving field.
The training session will take place digitally, making it accessible to everyone regardless of previous experience.
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2024-10-29 21:21