TechFlow news, July 4, according to Bitcoin.com, the Central Bank of Brazil stated at a congressional hearing that stablecoins possess the attributes of payment instruments and should be classified as electronic money instruments rather than general digital assets, and thus be included in a stricter regulatory framework. The Brazilian Crypto Economy Association opposed this, believing that this classification may trigger regulatory conflicts, suppress the application of stablecoins in institutional and retail markets, and cause Brazil to deviate from international regulatory trends. Meanwhile, the Brazilian Central Bank recently also increased regulatory requirements for Virtual Asset Service Providers, which may put pressure on the operations of small and medium-sized crypto institutions.
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