2024

Bank

Polkadot

Brazil’s digital asset imports reached $1.4 billion in September, a 40% leap from about $1 billion recorded in the same month of 2023, according to data released by the Central Bank of Brazil and local media <a data-ct-non-breakable="null" href="https://valor.globo.com/financas/noticia/2024/10/29/volume-de-importacao-de-criptoativos-sobe-para-us-1429-bilhao-em-setembro.ghtml" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reports</a> on Oct. 29.&nbsp;
While imports surged, exports of digital assets remained relatively steady, totaling just $44 million in September 2024 from $45 million in the same period last year. As a result, the country’s net trade for crypto assets resulted in remittances of $1.385 billion, up from $987 million in September 2023.
The central bank’s report includes transactions on cryptocurrencies and stablecoins, with the latest <a data-ct-non-breakable="null" href="https://www.reuters.com/business/finance/brazil-crypto-imports-surge-607-through-september-exceeding-2023-total-2024-10-29/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">accounting</a> for 70% of all trades. The data reflects an increase in crypto activity in 2024 compared to 2023.
From January to September, crypto imports to Brazil totaled $13.7 billion, a sharp rise from the $8.4 billion recorded during the same period last year. Net imports have grown 60% year-to-date. The central bank data uses imports to refer to goods and services brought into the country, different from inflows, which refer to the movement of capital flows covering a range of transactions.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/argentina-leads-latin-america-crypto-inflows" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/news/argentina-leads-latin-america-crypto-inflows">Argentina overtakes Brazil in crypto inflows — Chainalysis</a><iframe width="100%" height="315" src="https://www.youtube.com/embed/UPp0Xbk4bFo" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
The country’s central bank is reportedly working with lawmakers on stablecoin regulation for 2025. Moreover, the monetary authority is <a data-ct-non-breakable="null" href="https://br.cointelegraph.com/news/bc-studies-iof-taxation-for-purchases-of-usdt-usdc-and-other-stablecoins-by-cryptocurrency-companies" rel="noopener noreferrer nofollow" target="null" text="null" title="null">discussing a possible tax</a> on stablecoin transactions with exchanges.
Brazil is the largest economy in Latin America, with an estimated gross domestic product (GDP) of approximately $2.4 trillion in 2024.&nbsp;
<h3 id="strong-polkadot-seals-partnership-in-brazil-s-s-o-paulo-for-blockchain-innovation-strong">Polkadot seals partnership in Brazil’s São Paulo for blockchain innovation</h3>
Blockchain companies are increasingly seeking to expand their reach in Latin America’s largest economies, with Brazil being a prime target.
According to an Oct. 29 announcement, Polkadot has closed a partnership with São Paulo’s government to foster the development of Web3-based businesses.&nbsp;
The partnership will offer a free training program on blockchain technology for developers. It is set to launch in December and is open to developers and companies of all sizes.&nbsp;
The training will be held online, and no prior experience is required. São Paulo is Brazil’s largest city and financial hub, with a GDP of roughly $3.2 billion in 2023, <a data-ct-non-breakable="null" href="https://faespsenar.com.br/pib-paulista-cresce-08-em-2023" rel="noopener noreferrer nofollow" target="null" text="null" title="null">accounting</a> for 30% of the country’s economic activity.
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/deposit-risk-crypto-exchanges-money/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Deposit risk: What do crypto exchanges really do with your money?</a>

Brazil’s crypto imports surged 40% in September

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Cointelegraph

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