Svmuu News: The Central Bank of Brazil stated at a hearing of the Congressional Committee on Economic Development that stablecoins should be considered electronic money instruments rather than digital assets.Fábio Araújo, an advisor to the Central Bank of Brazil’s Financial System Supervision Department, noted that digital assets such as Bitcoin and Ethereum possess scarcity, transferability, and verifiability, whereas stablecoins are different and should be understood as monetary instruments when they function as a means of payment.The Brazilian Congress is preparing to review Bill No. 4308/2024, introduced by Congressman Aureo Ribeiro in 2024, to clarify regulations governing stablecoins. The Brazilian Crypto Economy Association (Abcripto) opposes this classification; the association’s members include Binance, Coinbase, Fireblocks, Visa, Tether, OKX, and Ripio.Abcripto stated that this classification would lead to regulatory conflicts, impact the adoption of stablecoins by Brazilian institutions and retail investors, and hinder virtual asset service providers. The Central Bank of Brazil also recently issued a new resolution elevating its oversight of virtual asset service providers to the same level as that of securities firms. (Bitcoin.com News).