🇧🇷 Brazil is considering banning the withdrawal of stablecoins to self-custody wallets! The Central Bank of Brazil has proposed banning the transfer of stablecoins like USDT to self-custody wallets like MetaMask. This proposal is currently undergoing public consultation until February 28, 2025.

📊 The goal? To enhance oversight of the foreign exchange market and manage foreign capital. VASPs will be required to provide customer information and transaction data to the BCB.

💡 Why self-custody? Self-custody wallets do not require user information, allowing complete ownership for users. But can it be completely banned?

💬 The BRL is declining sharply, and many are concerned about the restriction on stablecoins. Brazil is the second-largest market for stablecoin trading, with 59.8% of the crypto market being stablecoins.

What do you think about this move? Comment below! ⬇️