Brazil's Central Bank has published Resolution BCB No. 561, banning electronic foreign exchange providers from using stablecoins and cryptocurrencies to settle cross-border payments through regulated channels.
The resolution, published on 30 April 2026 and effective from 1 October 2026, bars eFX providers from using stablecoins or other crypto assets to settle the offshore leg of regulated international payments, with adaptation deadlines running into 2027.
Under the new rules, payments between an eFX provider and its foreign counterparty must move through a foreign exchange transaction or a non-resident real-denominated account in Brazil. A remittance firm can no longer take reais from a customer, convert the funds into USDT, USDC, or bitcoin, and settle the payment abroad on a blockchain.
The eFX framework governs how payment institutions, e-money issuers, and acquirers provide cross-border payment services. However, licensed virtual asset service providers can still use stablecoins for international payments under a separate framework, Resolution BCB No. 521, which took full effect in February 2026.
Market impact and affected companies
The change targets companies including Wise, Nomad, and Braza Bank that had built stablecoin settlement into their cross-border payment flows. Brazil's crypto market is moving from USD 6 billion to USD 8 billion a month, with stablecoins accounting for roughly 90% of volume.
Furthermore, the rule does not ban crypto trading. Investors can still buy, sell, hold, and transfer cryptocurrency through authorised virtual asset service providers. Resolution 561 closes the back-end payment rail used by regulated eFX firms.
Companies currently offering international payment services without central bank authorisation may continue operating temporarily but must apply for approval by 31 May 2027. Authorised institutions already providing eFX services must update their registration with the central bank's Unicad system by 30 October 2026.
