Overview
- Banco Central do Brasil published Resolution BCB No. 561 on Thursday, April 30, blocking the use of cryptocurrencies and stablecoins to settle payments inside the country’s electronic foreign‑exchange system known as eFX.
- Under the rule, eFX providers must settle with foreign partners through a traditional foreign‑exchange trade or through a non‑resident Brazilian real account rather than moving value in tokens.
- The measure targets the supervised eFX channel only, so people and businesses can still buy, sell, hold, and transfer crypto outside that regulated rail.
- Banks, fintechs, and remittance firms that used token settlement must shift their back‑end flows to fiat rails, and unapproved operators can keep working only if they apply for authorization by May 31, 2027.
- Officials point to stablecoins making roughly 90% of reported crypto flows as the driver for the change, and the package adds safeguards such as segregated client funds, monthly reporting, and long‑term record keeping for eFX activity.