Brazil Faces Leadership Void in Addressing Crypto Alignment Issues

Brazil, despite being one of the world’s largest economies, still struggles with a clear stance on cryptocurrency.

While lawmakers passed a crypto law in 2022 and President Lula sanctioned it in 2023, key issues like the treatment of stablecoins remain unresolved. Recent proposals from the central bank could heavily restrict the crypto space, potentially requiring exchanges to obtain multiple licenses and banning self-custody wallets for Brazilians.

Central Bank President Gabriel Galipolo has also linked stablecoin use to illegal activities, further dampening Brazil’s crypto outlook. Despite its potential, Brazil lacks the pro-crypto leadership seen in countries like El Salvador and the U.S., hindering its progress toward becoming a crypto hub.

Clever Robot News Desk 12^th February 2025