Brazilian central bank official: Algorithmic stablecoins have been banned

ChainCatcher news, according to Golden Ten Data, Brazilian central bank official Vivan stated that crypto companies should assess the suitability of clients before allowing them to conduct complex crypto-related operations. Algorithm-based stablecoins have already been banned, and the buying and selling of these assets is being prohibited. Agreements reached so far remain valid, but stablecoin activities must cease.

Currently, the tax situation for cryptocurrencies remains unchanged. The definition and timeframe for taxing crypto transactions equivalent to foreign exchange transactions will be determined by the tax authority.