Brazilians Spent Almost USD 1Bn on Crypto in May, Digital Real Pilot to Begin in 2023

Brazil
Author
Author
Tim Alper
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated: 
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Adobe Stock

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.”

Digital real is undergoing testing

Meanwhile, the newspaper Globo reported that the Central Bank’s prototype digital fiat – the so-called digital real – will be ready for real-world testing “by the start of the second quarter of 2023.”

Testing is already under way in a behind-closed-doors pilot that is being conducted – along with crypto, blockchain, and banking firms. 

The bank’s President, Roberto Campos Neto, has already indicated that these existing tests are expected to continue until January 2023. After this point, the testing will be wrapped up and the bank will perform proof of concept-related evaluations before launching real-world testing.

The next, real-world stage of the pilot, the bank told Globo, will begin in 2023 and “run until the end of the following year.” The bank also added that “only a few participants” would have access to the digital real, and that only “limited amounts” of the coin would be minted.

The bank says that its project will help boost financial inclusion in the digital age – and will be of particular benefit to unbanked individuals.

The Central Bank has refused to put a timeline on a nationwide rollout, and has claimed that its timing will depends on the success or otherwise of its tests.

Logo

Why Trust Cryptonews

2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors
editors
+ 66 More

Best Crypto ICOs

Discover trending tokens still in presale — early-stage picks with potential

Explore Our Tools

Smart tools made for everyday crypto users

Market Overview

  • 7d
  • 1m
  • 1y
Market Cap
$3,305,920,851,484
-2.58
Trending Crypto

More Articles

Price Analysis
Pepe Price Prediction: This Rare MVRV Signal Just Flashed — Why Traders Are Paying Close Attention
Alejandro Arrieche
Alejandro Arrieche
2025-06-21 01:34:48
Price Analysis
Pi Coin Price Prediction: Is the World’s Most Controversial Token About to Prove Everyone Wrong?
Alejandro Arrieche
Alejandro Arrieche
2025-06-21 01:25:14
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors