Central Bank may criminalize operations with establishment for P2P and DeFi
The Central Bank’s recent proposals to amend Resolution No. 277/2022 may bring further implications for the stablecoin market — cryptocurrencies pegged to the dollar, such as USDT and USDC — in Brazil. # Among the main impacts is the possibility of criminalizing operations carried out in decentralized environments, such as DeFi protocols (decentralized finance), OTC (over-the-counter) markets and P2P (peer-to-peer) transactions. In Brazil, through the amendment of Resolution No. 277, the Central Bank of Brazil intends to consider operations with stablecoins as exchange transactions, which means, as a rule, criminalizing decentralized operations involving stablecoins, contradicting one of the fundamental principles of operation of the cryptoasset market.
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