Domestic Exchanges Account for 99.7% of Brazilian Cross-border | Crypto Land
Domestic Exchanges Account for 99.7% of Brazilian Cross-border Crypto Trades
Exchanges 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.”
