Holding stablecoins may violate the law? Brazil plans to ban people from transferring stablecoins to

Recently, the Central Bank of Brazil (BCB) has officially proposed a controversial plan to ban the transfer of stablecoins (such as Tether USDT) to self managed wallets (such as MetaMask or Trezor). This move has sparked widespread discussions within the industry.

The use of stablecoins has surged, and regulatory pressure has intensified

As the Brazilian real continues to depreciate, the demand for stablecoins pegged to the US dollar among local residents has surged, viewing it as an important tool for hedging against exchange rate risks. According to BCB's proposal, the ban aims to prevent stablecoin trading from occurring outside of regulated platforms, particularly at the peer-to-peer (P2P) trading level.

Carol Souza, co-founder of Area Bitcoin, a cryptocurrency education platform, pointed out that since 2019, Brazilian cryptocurrency trading platforms have implemented strict identity verification (KYC) standards. However, P2P transactions still evade these regulatory requirements. She predicts that if BCB insists on this direction after public consultation, the ban may be officially implemented in 2025. She criticized:

This once again demonstrates how the government maintains demand for devalued fiat currencies by prohibiting free market trading

Enforcement of the ban faces numerous challenges

Trezor Bitcoin analyst Lucien Bourdon stated that although governments can effectively regulate centralized exchanges, it is almost impossible to control P2P trading and decentralized platforms. He believes that even if the ban is implemented, it can only cover a part of the entire crypto ecosystem.

Bourdon pointed out that:

If the ban is passed, users will naturally turn to decentralized platforms or P2P solutions, a trend that has occurred multiple times in other countries

In Nigeria and China, similar bans have instead driven users towards decentralized trading platforms such as Uniswap and P2P markets.

Tether calls for cooperation and balance

As the issuer of the world's largest stablecoin USDT, Tether CEO Paolo Ardoino expressed concerns about Brazil's proposal. He pointed out that the policy may pose practical implementation challenges and inadvertently harm the interests of Brazilian consumers.

Ardoino emphasized that, Tether We will collaborate with Brazilian regulatory agencies to promote a regulatory framework that balances innovation and consumer protection. He said:

We believe that prudent regulatory policies will help Brazil maintain its leadership position in the field of digital assets and meet the actual needs of the economy and the people

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