Brazilians Spent Over $900 Million On Crypto In May

Brazilians have spent more money on crypto assets this year, breaking previous spending records in May by spending a total of $912 million on cryptocurrencies.

The data was released by the nation’s Central Bank, according to the media outlet Portal de Bitcoin, which has yet to compile and reveal information for June, July, and August.

The May 2022 amount exceeds the previous record high, which was established exactly a year earlier: in May 2021, when Brazilians purchased $756 million, according to Central Bank data. The Central Bank tracks cryptocurrency purchases in a monthly report called the “Commercial Balance of Goods.”

Interestingly, the bank classifies all crypto-related purchases as “imported products,” claiming that the “local generation” of tokens through crypto mining operations is “statistically irrelevant.”

Meanwhile, the daily Globo stated that the Central Bank’s prototype digital fiat, known as the digital real, will be ready for real-world testing by the second quarter of 2023. Testing is already underway in a closed-door trial in collaboration with crypto, blockchain, and banking firms.

The bank’s President, Roberto Campos Neto, has stated that the current testing will continue until January 2023. After this stage, the testing will be completed, and the bank will conduct proof-of-concept evaluations before beginning real-world testing.

The pilot’s next real-world stage will begin in 2023 and last until the end of the following year. The bank further stated that “just a few participants” would have access to the digital domain and that the coin would be created in “restricted amounts.”

According to the bank, the effort would improve financial inclusion in the digital era and benefit unbanked individuals. The Central Bank has declined to set a timetable for a statewide rollout, claiming that it will be determined by the success or failure of its experiments.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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