Brazilians bought over $4 billion worth of cryptocurrencies this year
Brazilians bought over $4 billion worth of cryptocurrencies this yearBrazilians bought over $4 billion worth of cryptocurrencies this yearBrasilienBrasilien

Brazilians have invested a lot of money in cryptocurrencies this year, according to data from the Brazilian Central Bank. Since January, they have purchased more than $350 million worth of digital coins every month.

The buying trend reached a peak in May. That month alone saw $756 million worth of purchases, Bitcoin.com reports. Since then, the numbers have been declining, dropping to $500 million in August.

Interest in cryptocurrencies is likely to stay

Cryptocurrencies are luring Brazilians. According to Bruno Serra, the director of monetary policy at the country’s central bank, this interest is unlikely to wane in the future. Some even believe it will double by the end of the year.

According to Serra, crypto investments made by Brazilians abroad may soon double in value. However, the process is hampered by the fact that the South American country does not currently have its own digital currencies. Serra commented:

It’s a one-way flow. Due to the cost of energy, Brazilians are not mining cryptocurrencies, they are just buying them. It is possible that the number of inflows will reach more than $8 billion this year.

According to the central bank’s report, cryptocurrency outflows are about $15 million, which is less than 1% of inflows.

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What’s behind these numbers?

The Braziliane central bank records the inflows and outflows of cryptocurrencies in statistics. The bank uses exchange contracts as the basis for estimating these figures. Exchange contracts are legal instruments that record negotiations between sellers and buyers of bitcoin and other cryptocurrencies.

However, the actual numbers could be higher than those reported, as these instruments only record trades between Brazilians and citizens of other countries.

Anonymity is “not an option”

According to Mauricio Moura, head of Brazil’s central bank, anonymity is not an option for those trading cryptocurrencies. He explained that sooner or later, the government will start identifying all transactions. This is to prevent money laundering and financing of terrorism.

Moura stated that new legislation is being prepared. If passed, there will no longer be anonymity for crypto transactions in Brazil. His statement on the matter was short and clear:

The names of those involved in crypto transactions will come to light. I can say that anonymity will not be an option.