Şunun için etiket arşivi: Renato Gomes

Brazil’s central bank has raised concerns over the increasing use of U.S. dollar-backed stablecoins, warning they are fueling volatility in the country’s capital flows. According to Deputy Governor Renato Gomes, this trend is largely due to the way stablecoins enable the transfer of money abroad without passing through traditional financial channels.

Speaking at a monetary policy event hosted by the OMFIF think tank in London, Gomes explained that around 90% of Brazil’s recent crypto asset activity is tied to stablecoins, which are pegged to major currencies like the U.S. dollar. He emphasized that while this innovation has benefits, it also poses risks.

“One of the worrisome issues is that they offer a bypass instance,” Gomes stated. “You can get the stablecoins, and when you get to the United States or anywhere else, you can cash out and use an account in dollars, avoiding normal regulations.”

This method is becoming increasingly popular for remittances, with some U.S. ATMs now allowing direct withdrawals in dollars from stablecoin wallets. The result, according to Gomes, is a more erratic movement of capital, as stablecoins allow almost anyone to transfer funds internationally with little oversight.

He also pointed to regulatory gaps, noting that Brazil’s largest real-backed stablecoin issuer is headquartered in Switzerland. “We don’t have reach on these issuers,” Gomes said, stressing the need for international collaboration to effectively regulate the stablecoin sector.

Brazil’s central bank continues to monitor the issue closely as it explores new ways to safeguard the stability of its financial system in the face of fast-moving digital innovations.