Brazil’s Central Bank Says Stablecoins Should Be Classified as Electronic Money

Brazil’s Central Bank said stablecoins should be classified as electronic money rather than treated as general cryptocurrencies. According to NS3.AI, Fabio Araujo said stablecoins function as payment instruments backed by real-world assets. The Brazilian crypto industry group Abcripto opposed the central bank’s view, arguing that classifying stablecoins as electronic money would hinder stablecoin adoption.