Brazil’s central financial institution has banned digital overseas alternate (eFX) suppliers from utilizing stablecoins, bitcoin or different cryptocurrencies to settle abroad remittances.
BCB Decision No. 561, revealed 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 operating into 2027.
Funds between an eFX supplier and its overseas counterparty should transfer by a overseas alternate transaction or a non-resident real-denominated account in Brazil, with cryptocurrencies barred as an choice.
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. Buyers can nonetheless purchase, promote, maintain and switch cryptocurrency by licensed 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 corporations.
The change targets firms like Smart, Nomad and Braza Financial institution that had constructed stablecoin settlement into cross-border flows. Nomad, for instance, makes use of Ripple’s community 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 Receita Federal information. 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 EconĂ´mica 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 Could 31, 2027. They have to use segregated accounts for consumer funds and file detailed month-to-month studies.
Decision 561 expands eFX in a single path. 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, trade associations representing greater than 850 firms pushed again towards extending Brazil’s IOF monetary transaction tax to stablecoin operations.
Brazil’s regulator is drawing a line for crypto to exist available in the market, however not as eFX settlement infrastructure.