BANCO CENTRAL QUER TRAVAR CRIPTOS POR 24H, QUE HISTÓRIA É ESSA?

Summary

Fernando Ulrich discusses a new Brazilian Central Bank proposal to freeze crypto transactions exceeding USD 10,000 for 24 hours. He argues this regulatory surprise creates legal uncertainty and goes against global trends, where the Open USD stablecoin consortium marks another step forward. The move risks making the local crypto sector unviable and reflects a broader abandonment of making the Real a fully convertible currency.

• BACEN proposed temporarily freezing crypto transactions over $10k for 24 hours, citing illicit activity concerns.
• Brazilian crypto imports have reached nearly $100 billion since 2019, with 80-90% in stablecoins.
• The short consultation period and involvement of tax authorities suggest secondary revenue motivations, possibly new IOF on stablecoins.
• Regulatory uncertainty and restricted liquidity could harm the Brazilian crypto market and increase costs.
• A global consortium of 140 companies announced Open USD, a new neutral stablecoin set to launch this year.
• Ulrich warns that Brazil is moving against the global trend of embracing stablecoin innovation and financial openness.
• The Real remains non-convertible; the current government has abandoned plans to make it a fully convertible currency.
• The ultimate risk is a future ban on self-custody, which Ulrich calls a major financial crime.