In Brief:
- Brazilians purchased crypto over $4 billion of cryptocurrencies to the country
- In May, the import reached its peak, with a purchase of $756 million
According to the report by the Central Bank of Brazil, Brazilians have brought more than $4 billion of cryptocurrency this year.
The balance report shows that crypto purchases of over $350 million were made consistently since January in the entire year.
The purchase reached its peak in May 2021, crossing $756 million, setting a record.
Bruno Serra, the director of monetary policy of the Central Bank of Brazil, predict the crypto purchase in Brazil to go over R$50 billion.
As per the report, crypto outflows reached $15 million, less than one percent of what entered Brazil. Serra stated, “It’s a one-way flow. Due to the cost of energy, Brazil does not produce cryptoactives, it is just an importer.”
BC president Roberto Campos Neto stated that “a great increase in demand for cryptocurrencies was taking place,” when talking about the first time the Central Bank released crypto-related statistics.
Neto also said that Brazilians have US$ 40 billion in cryptocurrency when he took part in a meeting of the FGV’s National Financial System study group.
