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January 15, 2024

Brazil's Booming Crypto Scene: Domestic Exchanges Rule Cross-Border Trades

Brazil's cross-border crypto trade is largely steered by exchanges that venture beyond national borders to acquire coins

In a recent revelation, the Central Bank of Brazil has unveiled intriguing insights into the dynamics of the nation's crypto landscape. According to their latest report, a staggering 99.7% of cross-border crypto trades in Brazil are orchestrated by domestic exchanges. This captivating finding, disclosed by the bank's data analysis team, sheds light on the significant role these platforms play in shaping the country's crypto import-export scene.

The report emphasizes that exchanges procuring coins abroad for local market resale are at the forefront of Brazil's cross-border crypto activities. Surprisingly, the share of international transactions carried out by Brazilian individuals amounts to a mere 0.3%. The real movers and shakers, as highlighted by the report, are the domestic financial and non-financial companies, constituting a whopping 99.7% of the cross-border crypto trading volume.

Remarkably, the cross-border flow of crypto assets has witnessed substantial growth in recent years within Brazil. From virtually negligible levels in 2017, transactions between Brazilian residents and non-residents surged to an impressive $7 billion in 2022. The Central Bank's dedication to tracking this crypto "import and export" data since 2017 has uncovered noteworthy trends, including a surge in volumes to $184 million in August 2023.

Despite fluctuations in trade volumes, the report points to a surge in crypto adoption among Brazilians. While the bull market of 2019 saw trading volumes peak at $161 million, 2022 witnessed figures at $109 million. However, the real story lies in the rise of adoption, with Brazilian individuals and firms conducting a staggering 68.7 million "cross-border" crypto transactions in 2022 compared to 18.8 million in 2019.

Closing the year 2023, crypto exchange giant Coinbase highlighted Brazil as a "central area of focus" for expansion. This declaration aligns with the undeniable shift in the Brazilian crypto landscape, where domestic exchanges dominate cross-border transactions. As we navigate through this dynamic crypto narrative, it becomes increasingly evident that Brazil's crypto scene is not only evolving but also becoming a focal point for global players.

The Central Bank's report paints a vivid picture of Brazil's crypto journey, with domestic exchanges steering the ship in the vast ocean of cross-border trades. As we move forward, it will be fascinating to witness how these revelations shape the narrative of crypto in Brazil and influence global perspectives on this burgeoning market.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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