Brazil’s central bank has banned digital overseas change (eFX) suppliers from utilizing stablecoins, bitcoin or different cryptocurrencies to settle abroad remittances.
BCB Resolution No. 561, printed April 30, updates guidelines for eFX, Brazil’s regulated system for digital worldwide payments, purchases, withdrawals and transfers. The rule takes impact October 1, with adaptation deadlines operating into 2027.
Payments 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 choice.
A remittance agency can not take reais from a buyer, convert the funds into USDT, USDC or bitcoin and settle the fee overseas on a blockchain.
The rule doesn’t ban crypto buying and selling. Investors can nonetheless purchase, promote, maintain and switch cryptocurrency via licensed digital asset service suppliers beneath Resolution BCB No. 521, which took impact February 2. Resolution 561 closes the back-end fee rail utilized by regulated eFX corporations.
The change targets corporations like Wise, Nomad and Braza Bank 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 Bank 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 Receita Federal data. The nation ranked fifth in international crypto adoption in 2025, up from tenth a 12 months 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 fee establishments appearing as e-money issuers or acquirers. Firms with out authorization can preserve working however should apply by May 31, 2027. They should use segregated accounts for shopper funds and file detailed month-to-month experiences.
Resolution 561 expands eFX in one route. Providers can now deal with transfers tied to monetary and capital market investments in Brazil or overseas, capped at $10,000 per transaction. The similar restrict applies to digital fee 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 towards extending Brazil’s IOF monetary transaction tax to stablecoin operations.
Brazil’s regulator is drawing a line for crypto to exist in the market, however not as eFX settlement infrastructure.
