The Central Bank of Brazil has announced regulatory proposals to prohibit the withdrawal of stablecoins from exchanges to personal wallets

2024-11-30 09:02:21

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ChainCatcher news, according to Cryptoslate, the Central Bank of Brazil (BCB) has announced a regulatory proposal that prohibits centralized exchanges from allowing users to withdraw stablecoins to self-custody wallets. According to the public consultation notice, the transfer of stablecoins (referred to as "tokens denominated in foreign currency") between residents will be restricted in cases where Brazilian law already permits payment in foreign currency.

This move is part of the cryptocurrency regulatory bill approved in December 2022, which establishes that the BCB is responsible for setting the rules for the country's crypto industry. The public consultation will last until February 28, 2025, during which market participants can share their opinions with the regulatory authority. However, the BCB can override opinions and act as described in the document.

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