Cryptoassets have received the status of a commodity in Brazil and have been included in the trade balance as import and export activities. As such, the Central Bank’s financial balance presents periodic data on the movement of cryptoassets in the country through international exchanges.
Brazil has moved about US$ 4.3 billion in cryptoassets through international trade in recent months. According to data released by the Central Bank on the trade balance, between January and August 2021, the country imported US$ 4.27 billion in cryptoassets.
The data was included as importing goods into the foreign trade statistics item. In addition to accounting for the entry of cryptoassets, the commercial balance sheet presents data on the change of assets ownership from residents to non-residents of Brazil.
While the country imported US$ 4.27 billion in cryptoassets in the first eight months of 2021, the export movement recorded only US$ 15 million in cryptoassets in the same period.
In August 2021 alone, there were US$ 11 million in cryptoassets exports sent from Brazil to foreign trade. In contrast, Brazil imported US$ 496 million.
So far, May 2021 was the month with the highest import volume. With US$ 756 million in imports, Brazil received about R$ 4.18 billion in cryptoassets that month, considering the current exchange rate for the US dollar.
On the other hand, it was in March 2021 that the country recorded the lowest rate of cryptoasset imports, with only US$ 357 million.
Meanwhile, between April and June 2021, cryptoassets exports recorded amounts of less than US$ 1 million in the Brazilian crypto market.