Brazilians imported US$12.3 billion in crypto assets in 2023; value is a record for a year

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Information was released this Monday by the Central Bank. Cryptoassets are virtual goods, protected by cryptography, with exclusively digital records — that is, they are not physical assets. Cryptocurrencies, bitcoin, cryptoassets Reproduction/TV Globo The import of so-called “cryptoassets”, virtual assets that are protected by cryptography, grew in 2023 and broke a record, totaling US$12.3 billion. The information was released this Monday (5) by the Central Bank. Cryptoassets are virtual goods, protected by cryptography, with exclusively digital records — that is, they are not physical assets. Operations can be carried out between individuals or companies, without the need to go through a financial institution. Cryptoactives include, for example, cryptocurrencies, such as Bitcoin. The category also involves other products such as tokens (contracts that represent the custody of an asset) and stablecoins (currencies linked to other assets, such as the dollar, for example), among others. According to the BC, the import of cryptoactives is characterized by the change of ownership from a non-resident (seller) to a resident (buyer). The purchase of cryptoactives from abroad is one of the accounting differences that the Central Bank has with the Ministry of Development, Industry, Commerce and Services (MDIC), responsible for publishing data on the Brazilian trade balance. Last year, according to the MDIC methodology, the trade balance had a surplus of US$98.8 billion, a historic record. In the Central Bank’s accounts, last year’s positive result, although still a record, was lower: US$80.5 billion. “There are no customs records for cryptocurrencies, which are not included in the statistics on foreign trade in goods. For inclusion in the trade balance of the balance of payments, transactions with crypto assets are estimated based on exchange contracts”, explained the BC, last year. Bitcoin reaches US$ 42 thousand, highest level in 20 months BC and Federal Revenue With the sanction of the legal framework for cryptoactives by former president Jair Bolsonaro in December 2022, the Central Bank became responsible for regulating the provision of cryptoactive services , in addition to regulating, authorizing and supervising service providers. Last week, the Federal Revenue reported that it identified 25,126 individuals who had bitcoins (virtual currency) at the end of 2022, and who did not inform the amount in their 2023 Income Tax declaration. The number concerns people who had at least 0.05 bitcoin, equivalent to around R$10,000 in current values. According to the agency, the data was obtained using “traditional and artificial intelligence techniques”. “In total, these individuals would have an investment of approximately R$1.06 billion that was not reported to the Federal Revenue Service”, added the Tax Authority. According to the rules, all individuals who were required to declare Income Tax in 2023, and owned cryptocurrencies, were required to provide information about these virtual assets, regardless of the value.

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