Brazil’s Central Bank (BCB) has introduced a regulatory proposal to ban platforms from allowing stablecoin withdrawals to self-custody wallets.

This initiative is part of the country’s broader effort to regulate its rapidly expanding crypto sector.

Brazil Aims to Regulate Crypto With New Stablecoin Restrictions

The regulatory draft, announced on November 29, specifically targets “tokens denominated in foreign currencies.” Under the proposal, crypto exchanges in Brazil would no longer be allowed to facilitate the transfer of these stablecoins to self-custody wallets.

“The provider of virtual asset services is prohibited from transferring virtual assets denominated in foreign currency to a self-custodial portfolio,” the proposal stated.

Further, the proposal seeks to align the treatment of crypto with existing financial instruments like foreign direct investments and external credit. Virtual asset service providers would be required to comply with international financial regulations and report client information to the central bank.

The BCB highlights the potential benefits of virtual assets, including enhanced efficiency in foreign exchange services and investment options. However, the institution also notes risks such as investor protection, cybersecurity, and financial stability.

“The adoption of [virtual assets] also raises concerns, including in cases of interconnection with traditional models, involving aspects such as consumer and investor protection, privacy, cybersecurity, prevention of use for illicit purposes, financial and market integrity, and maintenance of fiscal and macroeconomic stability,” the regulator opined.

Considering this, the BCB believes its measures will bring legal clarity for businesses handling international crypto payments and foreign currency-backed digital assets.

This regulatory step comes as Brazil’s crypto market continues its rapid growth. Over the past year, Brazil’s crypto market has grown rapidly, with the country receiving over $90 billion in digital assets between July 2023 and June 2024, according to Chainalysis. Stablecoins dominate, accounting for 70% of crypto transactions moving from local to global exchanges.

Many fintech firms and exchanges in Brazil offer USD-backed stablecoins as a value-preserving option, particularly for business-to-business cross-border payments. So, market analysts warned that the Brazilian authorities’ move could hinder the sector’s progress in the Latin American country.

Notably, stablecoins have become a cornerstone of the crypto industry, with their market cap reaching a record $190 billion, according to BeInCrypto data.

The public consultation period for this proposal runs until February 28, 2025, allowing stakeholders to share feedback. However, the BCB holds the final authority on whether these inputs will influence the final framework.

The cryptocurrency market is known for its explosive growth. For example a coin like Dogecoin rose from its humble beginnings to a market cap of a staggering $62 billion (at time of writing).  A more recent example is the success of PEPE in captivating the attention of meme coin enthusiasts. These successes have put a stamp on the immense potential of digital assets to give astronomical returns. While these meme coins have created excitement, a growing number of smart investors are turning their attention to another kind of innovation – 1FUEL, a next-generation cryptocurrency wallet positioned to change asset management in the blockchain space.

The Market Evolution: From Dogecoin to PEPE

Dogecoin has grown to become the 7th largest cryptocurrency with a market cap of $62 billion thanks to its simplicity, widespread adoption and celebrity endorsements. 

Recent weeks have seen Dogecoin lose double digit values as the crypto market experienced a temporary dip. However, the coin has since recouped its losses and is now up 2% in the past week. This growth trajectory is expected to continue in the anticipated bull run this December.

Meanwhile, PEPE coin was designed to satisfy crypto investors’ appetite for speculative investments. The coin, which promises no utility to its investors, quickly gained success after launch, growing to become the 19th largest cryptocurrency with a market cap of $8.5 billion. At the time of writing, PEPE  is up 107% in the past month. Like Dogecoin, it has experienced significant declines in the past weeks, dropping by over 7% in the last 7 days.

Although temporary, the recent declines in Dogecoin and PEPE have prompted many investors to seek more rewarding investments, and a growing number have set their sights on 1FUEL, a coin that some analysts are predicting could offer 100X returns post launch.

Why Many Investors Are Turning to 1FUEL

Investors seem to be flocking to 1FUEL, drawn by its innovative solutions to simplify cryptocurrency transactions and enhance security. Unlike traditional wallets, 1FUEL’s one-click cross-chain transactions make it easy to trade across networks like Ethereum or Binance Smart Chain without juggling multiple tokens. This streamlined experience minimizes errors and appeals to both newcomers and seasoned traders.

Security and privacy are at the heart of 1FUEL’s appeal. Advanced cryptographic techniques, disposable wallets, and a built-in mixer ensure transactions remain anonymous, while multi-layered security protects assets from hacks. For those seeking safer, smarter ways to manage crypto, 1FUEL delivers.

Its integrated peer-to-peer exchange allows direct, cost-efficient trading without intermediaries, even across different blockchains—all powered by a single asset: 1FUEL. This versatility positions it as a leader in cross-chain trading.

Bridging the gap between digital assets and everyday spending, 1FUEL’s virtual and physical debit cards let users spend crypto like fiat, making it practical for real-world transactions. With such features, 1FUEL is rapidly becoming a must-watch token for forward-thinking investors.

The Bigger Picture: Utility Over Hype

Where Dogecoin and PEPE enjoyed massive attention, their long-term sustainability is highly reliant on community hype and speculative trading. In contrast, 1FUEL provides real utility, solving actual problems that stand in the way of cryptocurrency adoption.

With 1FUEL still making waves in its presale, some analysts believe this could be a good time for investors to buy in.

Learn more about 1FUEL. Click on the links below:

Presale: https://www.1fuel.io/

Telegram: https://t.me/Portal_1Fuel

X: https://x.com/1fuel_?s=21

Instagram: https://www.instagram.com/1fuel/#

Whitepaper: https://whitepaper.1fuel.io/

Key takeaways

• XRP is up 21% in the last 24 hours, surpassing BNB to become the fifth-largest cryptocurrency by market cap.
• iDEGEN has sold over 350 million tokens in its presale, raising over $1.2 million.

XRP surges by 21% to hit $1.90

XRP, Ripple’s native coin, is the best performer amongst the top 10 cryptocurrencies by market cap in the last seven days. The coin added 22% to its value during that period and has now hit the $1.90 mark.

Thanks to its latest rally, XRP has now surpassed BNB to become the fifth-largest cryptocurrency by market cap. If the market conditions remain bullish, XRP could hit the $2 psychological mark soon. However, XRP is still down 50% from the all-time high of $3.84 it achieved seven years ago.

What is iDEGEN?

We are in the age of AI, and the crypto industry is not exempted from this revolution. While AI projects in the crypto space mostly focus on other utilities, iDEGEN focuses on another growing important sector: memecoins.

iDEGEN is a sentient degenerate AI memelord. According to the development team, iDEGEN learns, evolves, and adapts based on what the community feeds it on X. Basically, the tool is powered by AI, raised by degens.

Its entry into the memecoin ecosystem is no surprise thanks to the fast-growing nature of this ecosystem. Meme coins have a combined market cap of over $45 bllion and are expected to grow larger in the coming months and years. 

Unlike traditional AI models, iDEGEN evolves through interactions on X. Users feed the tool their data through tweets, tags, and comments. iDEGEN absorbs that post and adds it to its knowledge base; that’s how it learns.

The tool posts on X every 60 minutes and can generate and post memes. Everything iDEGEN posts is driven by its AI and what it learns from its community, with no human intervention.

A key aspect of iDEGEN is its community-driven approach. Memecoins are community-driven, and iDEGEN is leveraging those characteristics to become a leading AI-focused meme project in the crypto space. 

iDEGEN’s presale surpasses 350 million tokens

iDEGEN is currently in its presale as it sells its native token, $IDGN, to raise funds to finance its products and services. So far, iDEGEN has sold over 357 million $IDGN tokens, raising $1.2 million in the process.

The project has adopted an unconventional method of token sales. According to the development team, iDEGEN’s presale price adjusts every five minutes based on market activity.

If an investor purchases $IDGN tokens within five minutes, the price remains steady for the next period. However, if purchases occur consecutively, $IDGN’s price rises by 5%. Finally, if no one buys the tokens within five minutes, the price drops by 5%.

iDEGEN intends to continue the presale until January 1, 2025, before the token lists on crypto exchanges. 

Should you buy $IDGN tokens?

iDEGEN could be an interesting project in the crypto space thanks to its combination of AI and meme coins. AI tokens are trendy, and $IDGN is joining this league. Furthermore, iDEGEN will be contributing to the growth of the broader meme coin ecosystem.

$IDGN has a live pre-market listing price on its website, allowing investors to accurately track the token’s progress ahead of its launch on trading platforms. With a unique and engaging presale structure, this could be the best time to snap up $IDGN tokens before they list on major cryptocurrency exchanges.