Brazil's digital asset imports surge 40%…stablecoin trading leads 70%

Digital asset revenue in Brazil reached $1.4 billion in September as cryptocurrency activity continues to grow.
According to the report, Brazil's digital asset imports hit $1.4 billion in September, up 40% from the roughly $1 billion recorded in the same month of 2023.
While imports have surged, digital asset exports have remained relatively stable, reaching a record high of 1.2 trillion won in September 2024.
As a result, Brazil's cryptocurrency trade net balance will be $1.385 billion, down from $9.9 billion in September 2023.
The central bank's report included cryptocurrency and stablecoin transactions, with stablecoins accounting for 70% of all transactions. The data comes as the 20
This reflects an increase in cryptocurrency activity in 2024 compared to 2023. From January to September 2024, Brazil's cryptocurrency balance reached a total of $13.7 billion, up 1.2% from the same period last year.
The net balance has increased by 60% since the start of the year. "Imports" in central bank data refer to bringing assets and services into the country and are related to capital flows.
The Brazilian Central Bank is currently discussing stablecoin regulations with a goal of 2025, and is considering imposing a tax on stablecoin transactions on cryptocurrencies.
Discussions are reportedly underway with currency exchanges.