Brazil’s central bank, Banco Central do Brasil (BCB), has effectively blocked the use of cryptocurrencies and stablecoins within certain regulated international payment and transfer services. The move tightens rules for cross-border payment providers operating under the country’s eFX framework.
On Thursday, BCB published Resolution BCB No. 561, which amends existing rules for eFX — a regulated category that covers international payments and transfers. According to the resolution, any payments or receipts between an eFX provider and its foreign counterparty must now be carried out exclusively through a foreign exchange transaction or movement in a non-resident Brazilian real account. The use of virtual assets in this channel is explicitly prohibited.
Transitional rules and scope
The restriction also applies under transitional rules for eFX providers that are not yet listed among approved provider categories. Those firms may continue offering eFX services only if they apply for authorization from the central bank by May 31, 2027. However, even during this transitional period, their payments and receipts must still use foreign exchange transactions or non-resident real accounts, not virtual assets.
It’s important to note that this rule does not amount to a blanket ban on crypto transfers in Brazil. Instead, it closes off the use of crypto and stablecoins within the regulated eFX channel. The move reinforces the central bank’s effort to keep cross-border payment flows within supervised foreign exchange rails.
Broader regulatory context
Brazil has been gradually folding virtual assets into its financial and foreign exchange rulebook. This trend has accelerated as stablecoins become a larger part of the country’s crypto activity. In November 2025, the central bank detailed new rules for virtual asset service providers, including authorization requirements and rules for services involving virtual assets in the foreign-exchange market.
The central bank’s push follows growing concern over the use of stablecoins for payments and cross-border transfers. In February, Reuters reported that BCB Governor Gabriel Galipolo said crypto use had surged in the country over the previous two to three years. He noted that about 90% of flows were linked to stablecoins, which raised concerns around taxation, money laundering, and asset backing.
Stablecoin concerns and future outlook
The eFX rule comes as Brazil’s central bank has also signaled concern over stablecoins issued by companies outside its regulatory perimeter. In a technical note sent to Congress and seen by Cointelegraph Brasil, the central bank said stablecoins issued by entities not subject to BCB supervision could face a ban or strict conditions in the domestic market.
The document explained that real-denominated stablecoins issued outside BCB supervision may pose risks to regulatory equality and monetary sovereignty. Foreign-currency stablecoins raise concerns around jurisdiction, capital flows, and fragmentation of the payments system.
Overall, the latest resolution appears to be a measured step in a broader effort to keep cross-border payment channels clean and under clear regulatory oversight. It doesn’t end crypto in Brazil, but it does make clear that the regulated eFX highway is not open to digital assets.
