Brazil’s central bank has banned electronic foreign exchange (eFX) providers from using stablecoins, bitcoin or other cryptocurrencies to settle overseas remittances.
BCB Resolution No. 561, published April 30, updates rules for eFX, Brazil’s regulated system for digital international payments, purchases, withdrawals and transfers. The rule takes effect October 1, with adaptation deadlines running into 2027.
The rule does not ban crypto trading. Investors can still buy, sell, hold and transfer cryptocurrency through authorized virtual asset service providers under Resolution BCB No. 521, which took effect February 2.
Resolution 561 closes the back-end payment rail used by regulated eFX firms. The change targets companies like Wise, Nomad and Braza Bank that had built stablecoin settlement into cross-border flows.
Brazil’s regulator is drawing a line for crypto to exist in the market, but not as eFX settlement infrastructure.
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