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🇺🇸-Brazil’s ban on self-custodial stablecoins will catalyze decentralization

Cryptocurrency executives are confident that enforcing a ban on self-custodial stablecoins in Brazil will not be easy, with many examples proving that further decentralization is inevitable.

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A potential decision by Brazil to ban transfers of stablecoins to self-custodial wallets would only trigger a greater movement towards decentralization, industry executives say.

The Central Bank of Brazil (BCB) on November 29 officially proposed banning transactions of stablecoins, such as Tether’s USDt USDTR$6.73, to self-custodial wallets like MetaMask or Trezor.

Stablecoin use has been growing in Brazil as citizens seek to hedge against the depreciation of the Brazilian real by purchasing US dollar-backed stablecoins. With the Central Bank of Brazil expected to conclude public consultations on the potential ban in February next year, several executives have weighed in on its potential impact on the local market. How likely is the ban to be approved? The potential restrictions on stablecoins by the BCB are aimed at preventing stablecoin transactions from taking place outside of Brazilian trading platforms, Carol Souza, co-founder of the Área Bitcoin school, told Cointelegraph. Cryptocurrency trading platforms in Brazil have been enforcing KYC measures since 2019, Souza noted, referring to the fact that peer-to-peer (P2P) transactions remain free of such restrictions. Brazil has been a pioneer in regulation, imposing strict KYC rules and creating Pix — a system introduced in response to Bitcoin’s growing popularity, she said. Souza suggested that the BCB’s proposal will likely become a reality in 2025, as the central bank appears to be preparing for regulations that would prevent individuals from conducting P2P transactions with stablecoins.She stated: