The use of stablecoins has also increased as Brazilian citizens increasingly buy stablecoins pegged to the US dollar to hedge against a plunge in their currency, the real. Brazil's central bank is expected to complete public consultations on a potential ban in February, with several executives already assessing the potential impact on local markets. Carol Sosa, co-founder of the Regional Bitcoin School, pointed out that crypto exchanges in Brazil have been implementing KYC measures since 2019, while P2P transactions remain exempt from such restrictions.