Trending, Stablecoins May Grow Even More with Return of IOF
The STF's decision to maintain the increase in IOF rates has reignited interest in stablecoins — cryptocurrencies pegged to strong currencies like the dollar or gold.
With the new taxation on operations such as remittances abroad (3.5%) and investments outside Brazil (1.1%), these digital currencies emerge as an alternative since they are currently not subject to IOF, as they do not fall under the regulated foreign exchange market.
Despite the apparent benefit, the use of stablecoins involves risks. In Brazil, there is no specific regulation, which means a lack of legal guarantees in case of issues with issuers or platforms.
Additionally, these transactions can be interpreted by the Federal Revenue as currency evasion, money laundering, or foreign exchange fraud — crimes that carry penalties including fines and even imprisonment.
Sending stablecoins requires heightened attention to the reliability of the issuer: security history, communication with investors, and management structure are crucial points. The Bank for International Settlements (BIS) has already warned that, without transparency, it is impossible to verify the true backing of these currencies.
According to Citi, the stablecoin market could reach $1.6 trillion by 2030 — or more, if favorable regulations emerge. In the US, the approval of the Genius Act could signify this new scenario. In Brazil, however, the use of these coins remains unregulated, offering a cheaper but also riskier option to evade IOF.
Source: Forbes Brazil