Analyst: Brazil's self-regulatory ban on stablecoins may drive users to decentralized platforms

ChainCatcher news, according to Cointelegraph, the Central Bank of Brazil officially proposed on November 29 to ban stablecoin transactions, such as those involving Tether's USDT, in self-custody wallets. As the Central Bank of Brazil is expected to complete public consultations regarding the potential ban by February next year, some executives have already assessed the potential impact of the ban on the local market.

Carol Souza, co-founder of Area Bitcoin school, believes that the Central Bank of Brazil's proposal is likely to become a reality by 2025, as the Central Bank seems to be preparing to establish regulations to prevent individuals from engaging in P2P stablecoin transactions.

However, Lucien Bourdon, a Bitcoin analyst at Trezor, stated that even if the pace of cryptocurrency adoption may slow down, existing users will find ways to trade cryptocurrencies freely. "If it really goes through, we expect users to turn to decentralized platforms or P2P solutions."