Brazil’s central bank has proposed a ban on stablecoin transfers to self-custodial wallets, such as MetaMask, to mitigate rising stablecoin use against the Brazilian real’s devaluation. This move could push users towards decentralized systems, echoing trends seen in China and Nigeria.
Tether’s CEO highlights the ban’s potential adverse effects on consumers in Brazil, a key market for USDT. While existing crypto users may find ways around the restrictions via decentralized platforms, newer users could face hurdles in entering the crypto space.
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