Brazil’s current account deficit to shrink after change to crypto rule

BRASILIA, June 24 (Reuters) – Brazil’s current account deficit will significantly shrink starting next month as the purchase of crypto assets will no longer be considered an import affecting the trade balance, the central bank said on Monday.

According to Renato Baldini, deputy head of the bank’s statistics department, the revision follows a methodological change in the International Monetary Fund (IMF).

Since 2019, cryptoassets have been treated as goods, impacting the trade balance. Now, they will be added to the capital account line.