Brazil’s central bank has banned electronic currency (eFX) providers from using stablecoins, bitcoin or other cryptocurrencies to settle overseas money transfers.
BCB Resolution No. 561, published April 30, updates the rules for eFX, Brazil’s regulated system for digital international payments, purchases, withdrawals and transfers. The rule comes into effect on October 1, with adaptation deadlines running into 2027.
Payments between an eFX provider and its foreign counterparty must go through a foreign exchange transaction or a non-resident real-denominated account in Brazil, with cryptocurrencies barred as an option.
A money transfer company cannot take reais from a customer, convert the funds to USDT, USDC or bitcoin and settle the payment abroad on a blockchain.
The rule does not prohibit trading in crypto. Investors can still buy, sell, hold and transfer cryptocurrency through authorized virtual asset providers under Resolution BCB No. 521, which took effect on February 2. Resolution 561 closes the back-end payment rail used by regulated eFX firms.
The change targets companies such as Wise, Nomad and Braza Bank that had built-in stablecoin settlement in cross-border flows. For example, Nomad uses Ripple’s network to move money 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 moves $6 billion to $8 billion a month, with stablecoins accounting for about 90% of volume, according to Receita Federal data. The country ranked fifth in global crypto adoption in 2025, up from tenth a year earlier. About 25 million Brazilians have or trade crypto.
The decision also limits eFX to BCB-authorized institutions: banks, Caixa Econômica Federal, securities and currency brokers, and payment institutions acting as e-money issuers or acquirers. Businesses without authorization 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 extends eFX in one direction. Providers can now handle transfers linked to financial and capital market investments in Brazil or abroad, limited to $10,000 per transaction. The same limit applies to digital payment solutions that are not integrated with e-commerce platforms.
The rule is the second front in a broader regulatory push. In March, trade associations representing more than 850 companies pushed back against expanding Brazil’s IOF tax on financial transactions to include stablecoin operations.
Brazil’s regulator draws a line for crypto to exist in the market, but not as eFX settlement infrastructure.
