ABcripto, the Brazilian Cryptoeconomy Association, asked the central bank to suspend a proposal to introduce a 24-hour delay for large stablecoin remittances. The organization explained that such a measure would affect transparent market actors using regulated entities, while illicit actors would remain untouched.
Key Takeaways
ABcripto opposed a proposed 24-hour stablecoin lock, warning it will disrupt near-instant transaction use.The bank cited rising crypto crime to justify the hold, triggering intense pushback from industry giants.ABcripto warned the lock will drive users to unregulated providers, hurting overall national market security.For ABcripto’s President, Julia Rosin, the measure would fall short of impacting the desired targets. It would instead affect transparent institutions, as illicit actors steer away from these institutions and tend to rely on platforms without identity checks, mixers, bridges, and other less visible structures.
Finally, ABcripto claims that this would push interested parties away from regulated channels, hurting institutions providing services to their partners and also affecting the security of these parties when transacting with unregulated service providers.
