Brazil’s central bank has banned electronic foreign exchange (eFX) providers from using stablecoins, bitcoins or other cryptocurrencies to settle remittances abroad.
BCB Resolution No. 561, published on April 30, updates the rules for eFX, Brazil’s regulated system for international digital payments, purchases, withdrawals and transfers. The rule comes into force on October 1 and the adaptation periods extend until 2027.
Payments between an eFX provider and its foreign counterparty must be made through a foreign exchange transaction or a non-resident account denominated in reais in Brazil, with cryptocurrencies prohibited as an option.
A remittance company cannot receive reais from a customer, convert the funds into USDT, USDC or bitcoin, and settle the payment abroad on a blockchain.
The rule does not prohibit the trading of cryptocurrencies. Investors can still buy, sell, hold and transfer cryptocurrencies through authorized virtual asset service providers under BCB Resolution No. 521, which came into effect on February 2. Resolution 561 closes the back-end payment route used by regulated eFX companies.
The change targets companies like Wise, Nomad and Braza Bank that had integrated stablecoin settlement into cross-border flows. Nomad, for example, uses Ripple’s network to move funds between Brazil and the US and settle in stablecoins, while Braza Bank issued a real-backed stablecoin on the XRP Ledger.
Brazil’s crypto market is moving between $6 billion and $8 billion a month, and stablecoins represent approximately 90% of the volume, according to data from Receita Federal. The country ranked fifth in global cryptocurrency adoption in 2025, up from 10th the previous year. Around 25 million Brazilians own or transact in cryptocurrencies.
The resolution also restricts eFX to institutions authorized by the BCB: banks, Caixa Econômica Federal, securities and currency brokers, and payment institutions that act as issuers or acquirers of electronic money. Unauthorized companies can continue to operate, but must apply by May 31, 2027. They must use segregated accounts for client funds and submit detailed monthly reports.
Resolution 561 expands eFX in one direction. Providers can now handle transfers linked to investments in financial and capital markets in Brazil or abroad, with a limit of $10,000 per transaction. The same limit applies to digital payment solutions not integrated with e-commerce platforms.
The standard is the second front of a broader regulatory initiative. In March, industry associations representing more than 850 companies opposed extending Brazil’s IOF financial transactions tax to stablecoin operations.
Brazil’s regulator is drawing a line for cryptocurrencies to exist in the market, but not as eFX settlement infrastructure.
