Golden Finance reports that the use of stablecoins has also increased as Brazilian citizens increasingly hedge against the risk of a plunge in their national currency, the Brazilian real, by purchasing stablecoins pegged to the U.S. dollar. Brazil's central bank is expected to complete public consultations on a potential ban in February next year, and several executives have already assessed the potential impact of the ban on local markets. Regional Bitcoin School co-founder Carol Sosa noted that crypto exchanges in Brazil have been implementing KYC measures since 2019, while P2P transactions are still exempt from such restrictions.