According to ChainCatcher news and reported by Cointelegraph, the Central Bank of Brazil officially proposed on November 29 to ban trading of stablecoins like 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 conducting P2P stablecoin transactions.
But Trezor's Bitcoin analyst Lucien Bourdon stated that even if the pace of cryptocurrency adoption may slow down, existing users will find ways to freely trade cryptocurrencies. 'If it really goes through, we expect users to turn to decentralized platforms or P2P solutions.'