Crypto execs are confident that it won’t be easy to enforce Brazil’s self-custodial stablecoin ban, with many examples proving that further decentralization is inevitable.
Brazil’s potential decision to ban stablecoin transfers to self-custodial wallets would only trigger a further shift to decentralization, industry executives say.
Banco Central do Brasil (BCB), the central bank of Brazil, on Nov. 29 officially proposed to ban transactions of stablecoins like Tether’s USDt (USDT) to self-custodial wallets like MetaMask or Trezor.
Stablecoin use has been on the rise in Brazil as citizens have been increasingly hedging against plummeting national currency, the Brazilian real, by purchasing US dollar-pegged stablecoins.
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