Brazilians have spent more money than ever buying cryptoassets this year – and in May shattered previous spending records by shelling out a combined USD 912 million on coins.
Per the media outlet Portal de Bitcoin, the data was released by the nation’s Central Bank, which is yet to compile and release figures for June, July, and August.
The May 2022 figure dwarfs the previous record high – again per Central Bank data – which was reached exactly a year beforehand: in May 2021, when Brazilians bought USD 756 million.
The Central Bank keeps track of crypto purchases in a monthly report it calls the “Commercial Balance of Goods.”
Interestingly, perhaps, the bank categorizes all crypto-related purchases in its “imported goods” section, as it considers that “local production” of tokens through crypto mining efforts to be “statistically irrelevant.”
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