Brazil's Chamber of Deputies Economic Development Committee passed Bill 4212/25 establishing privacy guardrails for any future central bank digital currency, while new reports from Bitfinex Securities and Rain revealed Latin America's growing tokenization and stablecoin infrastructure. The bill, introduced by Deputy Bia Kicis and modified by rapporteur Lafayette de Andrada, prohibits a Brazilian CBDC from replacing paper money or enabling surveillance. Bitfinex highlighted tokenization opportunities for Venezuelan firms following President Nicolas Maduro's arrest in January, and Rain reported $1.5 trillion in stablecoin transactions across the region from 2022 to 2025. The developments reflect Latin America's dual approach to digital assets: regulatory safeguards against state overreach and market-driven adoption of dollar-pegged instruments to address currency instability.
Brazilian Committee Passes Bill 4212/25 Limiting CBDC Powers
The Economic Development Committee of the Chamber of Deputies passed Bill 4212/25 in revised form. Deputy Bia Kicis introduced the original bill, and rapporteur Lafayette de Andrada modified it. The legislation limits the powers of the Central Bank of Brazil and financial institutions linked to a future CBDC.
The law establishes three core prohibitions: a digital currency issued by the central bank cannot substitute for paper money, cannot be forced as legal tender, and cannot be used as an instrument of political or ideological surveillance. Article five states governing bodies must ensure "digital currency does not result in financial exclusion, always guaranteeing alternatives accessible to the population without access to digital media."
Bitfinex Report Identifies Venezuelan Tokenization Opportunities Post-Maduro Arrest
Bitfinex Securities released its Latin America Market Inclusion Report highlighting tokenization opportunities in Venezuela following the arrest of President Nicolas Maduro in January. The report states tokenization might support traditional stock markets such as the Caracas Stock Exchange and help companies access international capital markets.
The Caracas Stock Exchange currently has participation from only 40 companies with low trading volumes. Jose Miguel Farias, a fundraising consultant, stated any company raising large amounts of funds from $30 million to $50 million would be "aiming for an amount that represents a significant fraction of what the local market moves in several months."
Rain Report Documents $1.5 Trillion in Latam Stablecoin Transactions
Rain, a company providing infrastructure for stablecoin-backed crypto cards, published its "State of Stablecoins in Latin America" report. The report stated the region transacted nearly $1.5 trillion between 2022 and 2025, with the majority of flows intermediated by stablecoins.
The report identified adoption drivers originating from economic limitations in the region. Key drivers include instability and sharp devaluation of currencies including the Argentine peso and the Venezuelan bolívar, which have lost a large share of their value in recent years. Rain stated adoption is driven by stablecoins' ability to solve concrete problems, with users treating them as dollar proxies.
FAQ
What does Bill 4212/25 prohibit regarding Brazil's potential CBDC?
Bill 4212/25 establishes that a digital currency issued by the Central Bank of Brazil cannot substitute for paper money, cannot be forced as legal tender, and cannot be used as an instrument of political or ideological surveillance. Article five requires governing bodies to ensure the digital currency does not result in financial exclusion and guarantees alternatives accessible to the population without access to digital media.
How much capital do Venezuelan companies need to raise according to the Bitfinex report?
The Bitfinex Securities report states companies needing significant capital aim to raise from $30 million to $50 million. Fundraising consultant Jose Miguel Farias noted this amount represents a significant fraction of what the Caracas Stock Exchange moves in several months, given the exchange has participation from only 40 companies with low trading volumes.
What transaction volume did Rain report for Latin American stablecoins?
Rain's "State of Stablecoins in Latin America" report stated the region transacted nearly $1.5 trillion between 2022 and 2025, with the majority of flows intermediated by stablecoins. The report identified currency instability and sharp devaluation of the Argentine peso and Venezuelan bolívar as key adoption drivers, with stablecoins serving as dollar proxies to solve concrete economic problems.
