Brazil’s central financial institution has banned digital overseas change (eFX) suppliers from utilizing stablecoins, bitcoin or different cryptocurrencies to settle abroad remittances.
BCB Resolution No. 561revealed April 30, updates guidelines for eFX, Brazil’s regulated system for digital worldwide funds, purchases, withdrawals and transfers. The rule takes impact October 1, with adaptation deadlines working into 2027.
Funds between an eFX supplier and its overseas counterparty should transfer via a overseas change transaction or a non-resident real-denominated account in Brazil, with cryptocurrencies barred as an possibility.
A remittance agency can’t take reais from a buyer, convert the funds into USDT, USDC or bitcoin and settle the cost overseas on a blockchain.
The rule doesn’t ban crypto buying and selling. Traders can nonetheless purchase, promote, maintain and switch cryptocurrency via approved digital asset service suppliers beneath Decision BCB No. 521, which took impact February 2. Decision 561 closes the back-end cost rail utilized by regulated eFX companies.
The change targets corporations like Smart, Nomad and Braza Financial institution that had constructed stablecoin settlement into cross-border flows. Nomad, for instance, uses Ripple’s network to maneuver funds between Brazil and the U.S. and settle in stablecoins, whereas Braza Financial institution issued a real-backed stablecoin on the XRP Ledger.
Brazil’s crypto market is shifting $6 billion to $8 billion a month, with stablecoins accounting for roughly 90% of quantity, per Federal Revenue date. The nation ranked fifth in international crypto adoption in 2025, up from tenth a yr earlier. About 25 million Brazilians maintain or transact in crypto.
The decision additionally restricts eFX to BCB-authorized establishments: banks, Caixa Econômica Federal, securities and FX brokers, and cost establishments appearing as e-money issuers or acquirers. Corporations with out authorization can preserve working however should apply by Might 31, 2027. They need to use segregated accounts for shopper funds and file detailed month-to-month stories.
Decision 561 expands eFX in a single route. Suppliers can now deal with transfers tied to monetary and capital market investments in Brazil or overseas, capped at $10,000 per transaction. The identical restrict applies to digital cost options not built-in with e-commerce platforms.
The rule is the second entrance in a broader regulatory push. In March, industry associations representing more than 850 companies pushed again in opposition to extending Brazil’s IOF monetary transaction tax to stablecoin operations.
Brazil’s regulator is drawing a line for crypto to exist out there, however not as eFX settlement infrastructure.
