BRASILIA : Brazil's net imports of crypto assets in the nine months through September 2024 increased by 60.7 per cent over the same period last year, already exceeding the full-year total for 2023, central bank data showed on Tuesday.
A representation of cryptocurrency Tether is placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
The surge in Brazil's crypto market, the world's tenth-largest according to blockchain analytics firm Chainalysis, was fueled by a significant increase in so-called stablecoins - which are pegged to real-world assets like the U.S. dollar. Central bank chief Roberto Campos Neto recently said Brazil would regulate stablecoins in 2025. He previously noted that growing demand for stablecoins in Brazil was largely linked to tax evasion and illicit activities.
The head of the bank's statistics department, Fernando Rocha, highlighted that net imports continue to accelerate significantly year-over-year, though he noted a month-to-month decline."This doesn't necessarily mean they've peaked," he said.
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