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In accordance with the data released by the Central Bank of Brazil, Brazilians have purchased more than $4 billion worth of cryptocurrency this year. The commercial asset balance report shows that the citizens of Brazil have constantly purchased over $350 million dollars of cryptocurrencies each month since the month of January.
Central Bank of Brazil Reports Purchase of Over $4 Billion Worth Cryptocurrencies
As revealed recently in a report shared by the Central Bank of Brazil, the citizens have bought over $4 billion worth of cryptocurrencies since the beginning of this year. The report also shows cryptocurrencies as part of the commercial balance of goods, showing that these imports have managed to get hold of the numbers above the mark of $350 million since January.
Back in the month of May, the number of crypto purchases reached the mark of $750 million followed by a decrease to the number of $500 million by the end of August.
Talking about the trend, it is going to be difficult to determine where it is heading as the data for the month of September is not out yet.
Bruno Serra, the Director of Monetary Policy of the Central Bank of Brazil released a statement that the cryptocurrency investments of Brazilians abroad have the potential to triple the amount invested in American shares. Serra laid an emphasis on:
“It’s a one-way flow. Due to the cost of energy, Brazil does not produce crypto actives, it is just an importer.”
Numbers Compiling Method Explained
It should be noted that the Central Bank of Brazil considers cryptocurrencies as goods, and its
inflows and outflows from the country need to be registered in statistics. As per the estimations, these numbers take exchange contracts as the base and constitute legit instruments that register negotiations between the purchasers and sellers.