As Brazilian citizens increasingly hedge against the risk of the depreciation of their national currency, the Brazilian Real, by purchasing stablecoins pegged to the US dollar, the use of stablecoins has also increased. The Brazilian central bank is expected to complete public consultations regarding a potential ban by February next year, and several executives have already assessed the potential impact of this ban on the local market.

Carol Sosa, co-founder of Regional Bitcoin School, pointed out that cryptocurrency trading platforms in Brazil have been implementing KYC measures since 2019, while P2P trading remains unaffected by such restrictions.