Brazil's Central Bank Proposes Ban on Stablecoin Transfers to Personal Wallets



The Central Bank of Brazil (BCB) has proposed a new plan to ban the transfer of USD-backed stablecoins from cryptocurrency exchanges to personal wallets on Friday (11/29).

The BCB's proposal aims to prevent crypto exchanges from freely allowing users to withdraw stablecoins, such as Tether (USDT) to personal storage wallets.

The stablecoin transfer ban regulation will further regulate the crypto industry, after a law granting the BCB the authority to set rules for the sector was passed in December 2022.

Additionally, Brazil's crypto market has seen substantial growth, with more than US$90 billion in digital assets transacted from July 2023 to June 2024.
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