Brazil pushes bill to ban algorithmic stablecoins

Brazil is advancing a bill that would ban the issuance and trading of algorithmic stablecoins, CoinDesk reported. The proposed legislation would require all stablecoins issued in the country to be 100% backed by separate reserve assets. Violations could result in prison sentences of up to eight years. Additionally, the bill stipulates that only companies licensed to operate in Brazil would be permitted to offer foreign-issued stablecoins such as USDT and USDC.