Brazil gambling ban bill meets Venezuela stablecoin push

Brazil’s ruling Workers’ Party has filed legislation to ban online gambling entirely while Venezuelan economists propose a national USD stablecoin to bypass currency controls.

The Brazilian bill, backed by 68 lawmakers, would dismantle the existing betting framework and impose fines of up to $385 million alongside prison sentences for violations.

At the same time, Venezuela is exploring crypto-based solutions to economic constraints, with a proposal to integrate a regulated stablecoin into its financial system to support dollar access.

“The implementation of a system based on stablecoins integrated into the formal financial system, subject to strict regulation and featuring AML/KYC compliance mechanisms,”

Said Ecoanalitica CEO, Alejandro Grisanti.

The Brazilian proposal, introduced by Deputy Pedro Uczai, seeks to repeal all regulations established under the 2025 Bets Law and would criminalise activities ranging from promotion to transaction processing of fixed-odds betting nationwide.

The draft legislation also mandates that platforms with more than one million users remove gambling-related promotional content and introduces harsher penalties for offences involving minors or organised crime.

The developments come as Latin America attracts increased investor interest amid geopolitical tensions, with regional currencies and oil-linked bonds outperforming as markets reposition around global conflict dynamics.