Brazil’s top economic political body banned some pension funds from investing in cryptocurrencies because they are too risky.
The National Monetary Council (CMN) banned closed pension units known as Enidades Fechadas de Previdência Complementar (EFPCs) from assigning any part of their guarantee reserves to Bitcoin (BTC) or other digital currencies.
The EFPCs manage pension savings for tens of thousands of unions and business workers, and their reserves typically consist of bonds and shares.
“The resolution also prohibits investments in virtual assets considering their specific investment properties and associated risk,” is a ministry of financial announcement that circulates between local news sites.
The order was published last week according to decision 5.202/2025 by the National Monetary Council (CMN).
In contrast, the British pension specialist Cartwright last year led the country’s first pension fund to do a bitcoin allocation worth 3% of its assets. Several US states have begun experimenting with crypto assignments for their pension systems despite caution at the federal level. For example, Wisconsin’s State Investment Board revealed in February that it had invested $ 340 million in Bitcoin through Blackrocks ETF (IBIT).
The decision does not appear to apply to open pension funds or individual retirement products sold by banks and insurance companies. These are regulated separately and can enable indirect investments through stock -transmitted funds or tokenized asset platforms.
