Rising Use of Crypto for Cross-Border Payments in Brazil

The value of digital assets that entered the Brazilian crypto market as cross-border payments for goods and services reached $12.9 billion in the first nine months of 2024, surpassing the whole amount recorded in 2023.

In September, cryptocurrency imports to Brazil totaled $1.4 billion, which is 40% more than last September. Exported funds in September were about $ 44 million, as reported by local publication Valor Econômico, citing data from Banco Central do Brasil (BCB). 

Over the first three quarters of 2024, Brazil’s crypto imports totaled $12.9 billion, exceeding last year’s total inflows by $1.2 billion. In absolute terms, that’s a 60.7% increase YoY, as reported by Reuters with reference to the BCB report. 

According to its data, approximately 70% of all cryptocurrency transactions involved stablecoins. In this regard, BCB representatives plan to develop regulatory rules for the stablecoin market together with legislative bodies by 2025. Financial regulators are also discussing the possibility of taxing stablecoin transactions. 

Max Krupyshev, CEO of CryptoProcessing.com , mentioned in the Purpose Driven FinTech podcast that due to the instability of national currencies, residents of many Latin American countries are actively interested in cryptocurrencies. Local businesses still require a reliable ecosystem for alternative payment processing, and the CryptoProcessing.com team is actively exploring solutions in this area. 

In early 2024, crypto trading volume in Brazil surged almost by one-third, reaching $6 billion and making the country the largest cryptocurrency market in Latin America.