The Central Bank of Brazil reports that each month Brazilians have acquired over USD 350 million in cryptocurrencies.
According to figures from the Central Bank of BrazilBrazilians received more than $ 4.2 billion in cryptocurrencies ($ 23.3 billion Brazilian reais) so far in 2021.
The trade asset balance report shows that Brazilians have acquired more than USD 350 million worth of cryptocurrencies since January. However, according to some central bank analysts, there is a potential to reach a double in value this year.
The Central Bank of Brazil revealed a report showing the crypto acquisition by Brazilians. The report presents that the peak of the wave of purchases of cryptocurrencies happened in May when the figure reached USD 756 million.
Since then, the number of purchases has decayed, reaching nearly $ 500 million last August. The September numbers are unavailable, so it is impossible to know if the downtrend is still happening.
Brazilians Get More Attracted to Cryptocurrencies
Brazilians got attracted to cryptocurrencies from the very beginning. According to Bruno Serra, director of monetary policy at the Central Bank of Brazil, this interest would not vanish so soon.
Serra highlighted that investments in cryptocurrencies by Brazilians abroad could triple the amount invested in US stocks. However, Brazil is currently unable to mine digital currencies.
According to the same report, cryptocurrency drainages only reached $ 15 million, less than one percent of what entered the nation. There is a possibility that this number of entries will approach more than USD 8 billion this year, Serra concluded.
The Central Bank is Aware of the Situation
Bitcoin.com explains that the Central Bank of Brazil recorded cryptocurrencies as goods, so the crypto entering and exiting from the country must get recorded through statistics. The bank estimates these figures based on exchange contracts. These are legal tools that record negotiations between buyers and sellers, as noted by the bank.
But these instruments only record purchases and sales of cryptocurrencies that take effect between residents and non-residents. The actual figures could be considerably higher than those other figures reported, according to the report.
According to many users, Brazil seems to be paving the way in favor of digital currencies. Brazil’s federal deputy, Aureo Ribeiro, pointed out in an interview with Radio Cámara in early October that Brazilians will soon have the possibility to purchase new houses, cars, and even a McDonald’s hamburger with cryptocurrencies like Bitcoin, following the approval of his law, which will happen soon.
The interview took place after the approval of the final report by Deputy Expedito Netto on Bill 2.303 / 15, which brings a healthy regulation of digital currencies.
By: Jenson Nuñez
