The newly appointed President of the Central Bank of Brazil, Gabriel Galipolo, has expressed concerns about the rapid growth of stablecoins in the country. He believes that stablecoins are being used for cross-border payments to facilitate tax evasion and money laundering. Galipolo stated that the majority of cryptocurrency usage in Brazil is in the form of stablecoins, which are often used for buying goods from abroad while maintaining an "opaque vision" for taxation purposes. He also criticized citizens who seek privacy, suggesting that it is usually associated with illicit activities. Galipolo's remarks indicate that the Central Bank of Brazil may take a stricter stance on stablecoin regulation and may even ban private ownership of stablecoins in the country.



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