The main financial policy agency in Brazil prohibited some pension funds to invest in cryptocurrencies because they are too risky.
The National Monetary Council (CMN) prohibited closed pension entities known as entities dated by complementary forecast (EFPCS) for assigning any part of their guarantee reserves to Bitcoin (BTC) or other digital currencies.
The EFPC manages retirement savings for tens of thousands of unionized workers and employees of the company and their reserves are generally composed of bonds and actions.
“The resolution also prohibits investments in virtual assets, considering their specific investment characteristics and their associated risks,” says a notice of the Ministry of Finance that circulates among the local media.
The ruling was published last week under resolution 5.202/2025 by the National Monetary Council (CMN).
In contrast, last year, British pension specialist Cartwright guided the country’s first pension fund to make a Bitcoin Valga assignment 3% of its assets. Several US states have begun to experiment with cryptographic assignments for their pension systems, despite caution at the federal level. The Wisconsin State Investment Board, for example, revealed in February that it had invested $ 340 million in Bitcoin through the ETF (Ibit) of Blackrock.
The ruling does not seem to apply to open pension funds or individual retirement products sold by banks and insurers. These are regulated separately and can allow indirect investment through bags quoted in the stock market or tokenized asset platforms.
