Brazil’s central bank has banned electronic currency (eFX) providers from using stablecoins, bitcoin or other cryptocurrencies to settle overseas remittances.
BCB Resolution No. 561, issued on April 30, updates the rules for eFX, Brazil’s regulated system for digital international payments, purchases, withdrawals and transfers. The rule comes into force on October 1 and the adaptation deadlines extend until 2027.
Payments between an eFX provider and its foreign counterparty must be made via a foreign exchange transaction or a real-denominated non-resident account in Brazil, with cryptocurrencies prohibited as an option.
A money transfer business cannot accept a customer’s reais, convert the funds to USDT, USDC, or Bitcoin, and settle the payment overseas on a blockchain.
The rule does not prohibit trading in cryptocurrencies. Investors can still buy, sell, hold and transfer cryptocurrencies through licensed virtual asset service providers under BCB Resolution No. 521, which took effect on February 2. Resolution 561 closes the back-end payment rail used by regulated eFX companies.
The change targets companies like Wise, Nomad and Braza Bank that have integrated stablecoin settlement into cross-border flows. Nomad, for example, uses Ripple’s network to move funds between Brazil and the United States and settle them in stablecoins, while Braza Bank has issued a stablecoin backed by real funds on the XRP Ledger.
Brazil’s crypto market is growing at $6 billion to $8 billion per month, with stablecoins accounting for around 90% of the volume, according to Receita Federal data. The country ranked fifth in terms of global crypto adoption in 2025, up from tenth a year earlier. Around 25 million Brazilians hold or transact in crypto.
The resolution also restricts eFX to institutions authorized by the BCB: banks, Caixa Econômica Federal, securities and currency brokers, and payment institutions acting as issuers or acquirers of electronic money. Unlicensed businesses can continue to operate but must apply by May 31, 2027. They must use separate accounts for customer funds and file detailed monthly reports.
Resolution 561 extends eFX in one direction. Providers can now manage transfers related to investments in financial and capital markets in Brazil or abroad, capped at $10,000 per transaction. The same limit applies to digital payment solutions not integrated with e-commerce platforms.
This rule constitutes the second front of a broader regulatory approach. In March, industry associations representing more than 850 companies opposed the extension of Brazil’s IOF financial transaction tax to stablecoin operations.
The Brazilian regulator sets a limit for crypto to exist in the market, but not as an eFX settlement infrastructure.
