According to Cointelegraph, Brazil's digital asset imports reached $1.4 billion in September 2024, marking a 40% increase from approximately $1 billion recorded in the same month of 2023, as per data released by the Central Bank of Brazil and local media reports on October 29. While imports surged, exports of digital assets remained relatively steady, totaling $44 million in September 2024 compared to $45 million in the same period last year. Consequently, the country's net trade for crypto assets resulted in remittances of $1.385 billion, up from $987 million in September 2023.
The central bank's report includes transactions involving cryptocurrencies and stablecoins, with the latter accounting for 70% of all trades. The data indicates an increase in crypto activity in 2024 compared to 2023. From January to September, crypto imports to Brazil totaled $13.7 billion, a significant rise from the $8.4 billion recorded during the same period last year. Net imports have grown 60% year-to-date. The central bank data uses imports to refer to goods and services brought into the country, different from inflows, which refer to the movement of capital flows covering a range of transactions.
The country's central bank is reportedly collaborating with lawmakers on stablecoin regulation for 2025. Additionally, the monetary authority is discussing a potential tax on stablecoin transactions with exchanges. Brazil, the largest economy in Latin America, has an estimated gross domestic product (GDP) of approximately $2.4 trillion in 2024.
In related news, blockchain companies are increasingly seeking to expand their reach in Latin America's largest economies, with Brazil being a prime target. According to an October 29 announcement, Polkadot has secured a partnership with São Paulo's government to promote the development of Web3-based businesses. The partnership will offer a free training program on blockchain technology for developers, set to launch in December. The program is open to developers and companies of all sizes and will be conducted online, requiring no prior experience. São Paulo, Brazil's largest city and financial hub, has a GDP of roughly $3.2 billion in 2023, accounting for 30% of the country's economic activity.