According to the report, in the period from January to April 2024, cryptocurrency trading activity increased by 30% compared to the same period in 2023. Brazil took the first place among Latin American countries in this parameter.
Kaiko experts emphasize that despite the correction, the trading volume of virtual coins paired with the Brazilian real continues to grow, and the growth rate is higher than in trading pairs with the US dollar.
The vast majority of transactions took place on the largest cryptocurrency exchange Binance. However, as analysts have pointed out, the dominance of this trading platform in the Brazilian market is gradually decreasing.
The Brazilian population most often trades in BRL/USDT and BRL/BTC pairs. Trading volumes with BUSD began to decline in mid-May 2023. For comparison, the volume of transactions with the Mexican peso (MXN) this year amounted to $3.7 billion, and the Argentine peso (ARS) — $ 300 million.
Earlier, the Central Bank of Brazil chose the French company Giesecke+Devrient (G+D) to jointly test its own digital currency (CBDC) for payments in the absence of the Internet.