Brazil bans self-hosted stablecoins to promote Decentralization

According to Jinse Caijing, as more and more Brazilian citizens hedge the risk of the Brazilian real's big dump by buying stablecoins pegged to the US dollar, the use of stablecoins has also increased. The Central Bank of Brazil is expected to complete public consultations on a potential ban in February next year, and multiple executives have evaluated the potential impact of the ban on the local market. Carol Soares, co-founder of the Regional Bitcoin School, pointed out that Brazilian cryptocurrency exchanges have been implementing KYC measures since 2019, while P2P transactions are still not subject to such restrictions.

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