Internet reports that as Brazilian citizens increasingly purchase stablecoins pegged to the US dollar to hedge against the risk of a collapse of their own currency, the Brazilian real, the use of stablecoins has also increased. Brazil's central bank is expected to complete public consultations on a potential ban in February next year, and several executives have assessed the potential impact of the ban on local markets. Carol Sousa, co-founder of the Regional Bitcoin School, pointed out that Brazil's crypto trading platforms have been implementing KYC measures since 2019, while P2P transactions are still not subject to such restrictions.