Latam Insights Encore: Brazil Lacks Leadership to Solve Its Crypto Alignment Dilemma

CN
13 小時前

Brazil, one of the largest economies in the world, has recently given mixed hints regarding its future stance on crypto. While lawmakers passed a cryptocurrency law back in 2022, that was finally sanctioned by President Lula in 2023, the rules regarding the treatment of certain crypto asset classes, like stablecoins, are still being debated.

And, taking into account recent statements by central bank officials, the prognosis is not the best. In a bill submitted to public consultation, the central bank proposed for dollar-pegged stablecoins to be treated in the same fashion that foreign currency, opening a compliance hell for crypto exchanges seeking to operate with these in the country.

Read more: Brazil Groups Stablecoins With Foreign Currency in New Regulatory Draft

If approved, this would have very negative effects on the Brazilian crypto environment, given that exchanges would have to opt in for two different licenses, one as crypto exchanges and another as a foreign exchange operators.

In addition, this would ban Brazilians from owning crypto in self-custody wallets, and also exclude them from operating in decentralized exchanges, where stablecoins have a major presence.

Recent statements from the newly appointed President of the Central Bank of Brazil, Gabriel Galipolo, also hint at an upcoming negative stance on crypto and especially stablecoins. Galipolo linked the stablecoin boom in Brazil to illegal usage, stating that these were leveraged to facilitate illicit use cases involving tax evasion and money laundering.

While Brazil has the potential to become a big crypto nation, given the size and characteristics of its economy, it still lacks the pro-crypto leadership that other countries like El Salvador and the U.S. have.

President Lula is an anti-dollar and pro-national currency individual, but this doesn’t automatically translate into a pro-crypto stance, and this is hurting the possibility of Brazil entering the list of global crypto havens even with positive drafts being introduced in the National Congress.

Read more: Brazilian Lawmaker Proposes Bill to Allow Investment Funds to Buy Crypto

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

分享至:
APP下載

X

Telegram

Facebook

Reddit

複製鏈接