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Brazilians bought more than $ 4 billion in cryptocurrencies so far in 2021

A total of USD 4,272 million in purchases of bitcoin and other cryptocurrencies accumulate by Brazilians between January and August 2021. This is revealed by the most recent update of the Balance of Payments data, released by the Central Bank of Brazil (BC).

According to the report, residents of the South American country have been buying an average of USD 534 million in crypto assets per month from counterparties non-residents in Brazil. The information comes from the calculations made by the financial authority on merchandise imports and foreign trade statistics.

It should be remembered that the Central Bank of Brazil included cryptocurrencies for the first time in statistical reports of its external sector in 2019, giving them recognition as “active” or “good produced”, as reported by CriptoNoticias from time to time. However, the record of the exchange of crypto assets between residents and non-residents began to be disclosed in August of this year.

The acquisitions of cryptocurrencies such as Bitcoin reported within the Brazilian territory established their lowest limit from 2021 in the month of March, with USD 350 million. However, they accelerated in May, when they more than doubled, establishing a peak of USD 756 million in one month . According to local media reports, that same month there was a record in the daily volume of bitcoin trading in the Brazilian market, when USD 150 million were traded in a single day.

Between January and August 2021, residents in Brazil acquired more than USD 4 billion in bitcoin and other cryptocurrencies from non-resident providers in the South American country.

Demand for cryptocurrencies in Brazil shows great growth in 2021

The Director of Monetary Policy of the Central Bank of Brazil, Bruno Serra Fernandes, would have declared in a private videoconference last Friday, October 15, that he invest them s of Brazilians in cryptocurrencies are three times higher than in US stocks. This phenomenon also occurs in other countries, such as Argentina, where there has been a migration of capital from traditional markets to cryptocurrency markets, as was recently explained in another report by Criptonoticias. On the other hand, Serra Fernandes pointed out that Brazil is only an «importer» of crypto assets, since energy costs in the country make it unattractive for cryptocurrency mining.

In August Last year, the president of the BC, Roberto Campos Neto, recognized the great increase in the demand for cryptocurrencies in Brazil during his participation in an institutional meeting, according to the Brazilian media Valor Investe . At the same event, Campos stated that the BC is in talks with the Brazilian Securities Commission (CVM) to regulate these assets as investments.

Previously, at the end of May this year, the The Brazilian monetary authority published the guidelines for the development of its own digital bank currency (CBDC), or digital real, as outlined by Criptonoticias.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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