Woofun AI reports that the Central Bank of Brazil advised treating stablecoins as electronic currency instruments rather than digital assets during a congressional hearing. Advisor Fábio Araújo distinguished stablecoins from assets like Bitcoin based on their function as payment means. The Brazilian Congress is reviewing Bill No. 4308/2024 to clarify these rules. Industry association Abcripto, including members Binance and OKX, opposes the move, citing potential regulatory conflicts and hindered adoption. The central bank also recently elevated supervision of virtual asset service providers to match securities institutions.