Brazilians bought nearly USD $1 billion worth of cryptocurrencies in May, according to local media reports Portal Do Bitcoin.
- Brazilians bought almost USD $1 billion in crypto in one month
- This breaks the record of purchases in previous months.
- In all of 2021, Brazilians bought USD $5.9 billion worth of crypto.
Brazilians seem to follow “ on fire” in relation to cryptocurrencies, despite the drop in prices in recent months.
According to reports published by the media Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Portal, based on data from the Central Bank of Brazil In May alone, the inhabitants of the huge South American country have broken records for cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. purchases this year and in May alone they broke the biggest record by shelling out a total of USD $912 million for the purchase of crypto.
The May data are the latest released by the agency, which has yet to publish figures for June, July and August.
The May 2022 figure eclipses the previous record, again according to Central Bank data, which was reached exactly one year earlier: in May 2021, when Brazilians bought USD $756 million.
Between January and May 2022, when the registration at the Central Bank ends (for now), Brazilians bought a total of USD $ 3.2 billion in cryptocurrencies. This is an increase of 33% compared to the same period of 2021, when the sum reached USD $ 2.4 billion.
This is the amount of cryptocurrencies bought by Brazilians between 2018 and 2021 according to the Central Bank:
- 2018: USD $864 million
- 2019: USD $3 billion
- 2020: USD $3.3 billion
- 2021: USD $5.9 billion
The central bank tracks cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. purchases in a monthly report it calls “ Trade balance of goods”. It is worth noting that the bank categorizes all cryptocurrency-related purchases in its section of “imported goods “, as it considers the “local production” of tokens through cryptocurrency efforts to be “statistically irrelevant”.
The bank’s head of monetary policy, Bruno Serra, said in October last year that Brazilian investments in cryptoassets abroad are potentially three times larger than in U.S. stocks. But Serra made a caveat: “It’s a one-way flow. Because of the cost of energy, Brazil does not produce cryptoassets, it’s just an importer “.
Real digital digital technologies are these electronic tools that have the ability to generate, store or even process data. on the way
Also, along with this information, the newspaper O’Globo reported that the central bank’s prototype digital currency, the digital real, will be ready for real-world testing “early in the second quarter of 2023”.
Testing is already underway in a closed-door pilot being conducted, along with crypto, blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and banking companies.
The bank’s president, Roberto Campos Neto, has already indicated that these existing tests are expected to continue until January 2023. After this point, the tests will conclude and the bank will perform evaluations related to the proof of concept before launching the tests in the real world ….
The next stage of the pilot in the real world, the bank told O’Globo, will begin in 2023 and “will run until the end of the following year”. The bank also added that “only a few participants” would have access to the digital real and that they would only be coined “limited quantities “of the coin.
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