Regulation
The change in cryptocurrency rules will dramatically reduce Brazil’s current account deficit
Cryptocurrency purchases will no longer be treated as an import, which will reduce Brazil’s current account deficit, Brazil’s Central Bank (BCB) said on June 24.
For January-May 2024, the current account deficit will be $7.3 billion lower, falling from $21.1 billion to $13.8 billion.
Net imports of cryptocurrencies, amounting to $11.7 billion, will also no longer be included in the trade balance calculation for 2023. Renato Baldini, deputy head of the BCB’s statistics department, said that the current figures for 2023