Coinbase Challenges Regulation Proposal Threatening Stablecoin Use in Brazil
Coinbase criticizes a proposed regulation in Brazil that would limit stablecoin use, specifically banning withdrawals to self-custodied wallets. VP Tom Duff Gordon suggests alternative measures addressing money laundering concerns while supporting market adoption. The regulation could inhibit stablecoins’ role in decentralized finance, impacting users negatively.
Coinbase, a leading entity in the cryptocurrency sector, has expressed strong opposition to a proposed regulation in Brazil that could severely restrict the use of stablecoins. Tom Duff Gordon, Vice President at Coinbase, acknowledged the Brazilian central bank’s willingness to engage in consultations before implementing such measures but raised concerns about the extensive impact the proposal would have on the management of stablecoins in the country.
In summary, Coinbase is advocating for a reconsideration of proposed regulations that threaten the use of stablecoins in Brazil. By offering alternative strategies that ensure compliance with anti-money laundering and know your customer protocols, Coinbase emphasizes the need to support the growth of decentralized finance without restricting user autonomy.
Original Source: news.bitcoin.com
