Brazilians have brought over $ 4 billion worth of cryptocurrencies to the country, according to numbers from the Central Bank of Brazil. The business balance report presented shows that Brazilians have consistently acquired over $ 350 million worth of cryptocurrencies every month since January. However, according to some central bank analysts, this number has the potential to double in value this year.
Brazilians buy millions of cryptocurrencies every month
The Central Bank of Brazil has released a report showing Brazilians have bought more than $ 4 billion worth of cryptocurrency imports since the beginning of the year. The report, which shows cryptocurrencies as part of the commodity trade balance, shows that these imports have exceeded $ 350 million since January. The peak of the cryptocurrency buying rush occurred in May, when cryptocurrency purchases hit $ 756 million in that month alone.
Since then, the number of purchases has declined, reaching nearly $ 500 million last August. The September numbers are not yet available, so it is impossible to determine if the downward trend is still ongoing. Brazilians have been enticed by cryptocurrencies and, according to Bruno Serra, director of monetary policy at the Central Bank of Brazil, this interest is unlikely to wane in the future.
Serra said that Brazilians' cryptocurrency investments overseas could potentially triple the amount invested in American equities. However, Brazil is currently unable to produce cryptocurrencies. In this sense, Serra emphasized:
“It's a one-way flow. Due to the cost of energy, Brazil does not produce crypto-assets, it is only an importer ”.
And the numbers confirm his claims. According to the same report, cryptocurrency outflows have just hit $ 15 million, less than one percent of those entered the country.
There is a possibility that this number of inflows will reach more than $ 8 billion this year, Serra concluded.
How are the numbers compiled?
The Central Bank of Brazil records cryptocurrencies as commodities and its inflows and outflows from the country must be recorded in the statistics. The bank estimates these numbers based on foreign exchange contracts. These constitute legal instruments that record the negotiations between buyers and sellers, as stipulated by the bank.
But these tools only record cryptocurrency purchases and sales that happen between residents and non-residents, so the actual numbers could be much higher than those reported.
What do you think of the report on cryptocurrency inflows and outflows compiled by the Central Bank of Brazil? Let us know in the comment section below and the way you use it for buy Bitcoins.