Tim Alper Last updated: January 11, 2024 06:30 EST | 2 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission. 
Source: Alexey Novikov/AdobeExchanges that buy coins overseas to sell on the domestic market account for most of Brazil’s cross-border crypto trade, a Central Bank report has found.
The findings were published in an official post from the bank’s data analysis team.
The authors reported that trading platforms dominate the nation’s coin-buying activities.
And the authors noted that from 2020 to 2022, “the share of international transactions carried out by Brazilian residents (individuals) in the [crypto trade space was only 0.3.” As such, they added:
“The share of domestic financial and non-financial companies therefore represented 99.7 [of cross-border crypto trading volume].”
The authors also noted that the cross-border “flow” of cryptoassets has “grown significantly in recent years” in Brazil. They wrote:
“Transactions between Brazilian residents and non-residents – almost exclusively imports – went from an insignificant level in 2017 to $7 billion in 2022.”
