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In August 2024, Brazil made history by approving the world’s first spot Solana (SOL) ETF, and is now moving towards passing a bill aimed at banning algorithmic stablecoins.
According to CoinDesk, Brazil has moved one step closer to banning algorithmic stablecoins.
Accordingly, Brazil has approved a bill that would ban the issuance and trading of algorithmic stablecoins.
At this point, Brazil approved bill 4308/2024, which bans unassisted models like Ethereum USDe and Frax.
Under the proposed legislation, the congressional committee mandates that all stablecoins be fully backed by 100% separate reserves and imposes penalties for issuing stablecoins that are not backed by such reserves.
The bill increases transparency requirements for stablecoins and introduces a new definition of a crime for issuing unsecured stablecoins.
At this point, stablecoins that do not meet reserve and other criteria will face up to eight years in prison as a result of violations.
The bill also introduces new rules for stablecoins issued abroad, including Tether’s USDT and Circle’s USDC.
Accordingly, USDT and USDC can only be offered by firms authorized to operate in Brazil.
The proposal has currently only received approval from the Science, Technology and Innovation Committee, and before it can be submitted to the Senate and potentially become law, it needs to be approved by the Brazilian Finance and Taxation and Constitutional, Justice and Citizenship committees.
