Brazil’s Central Bank has established new rules for international payment and remittance services known as eFX. The agency issued BCB Resolution No. 561, banning the use of Bitcoin (BTC) and other digital assets, including stablecoins and other cryptocurrencies, in the settlement of these operations.
This resolution amends previous regulations and provides that payments or receipts between an eFX service provider and its overseas counterpart must occur only through traditional exchange operations or non-resident real account transfers.
Additionally, the regulation imposes a limit of US$10,000 (or equivalent) on transfers and acquisition of products via non-integrated digital solutions in connection with stock market investments.
The eFX service allows citizens and companies to digitally send money overseas. Until now, this has been an area where the use of digital assets promises increased agility. However, the new regulation explicitly rejects the use of Bitcoin and stablecoins in this process and closes down all payment channels that operate outside of traditional exchange systems.
Ultimatum for unregulated companies
An important aspect of Resolution 561 is the deadline for regularization of enterprises. Institutions that currently offer eFX services but are not licensed as electronic money issuers or clearinghouses have until May 31, 2027 to formally request authorization from the BCB.
Regulations are strict, as if a company does not submit this application on time, or if the permit is refused or ultimately archived, the company must stop providing eFX services within 30 days. Furthermore, while awaiting the resolution of the proceedings, it is strictly prohibited for these temporary persons to use crypto assets for cross-border payments.
The move comes just a day after financial authorities ramped up pressure on the National Assembly to impose a ban or prohibition. Strictly restrict stablecoins issued by foreign companies such as Tether (USDT) y Circle (USDC), as reported by CriptoNoticias. According to regulators, these assets pose a direct threat to monetary sovereignty and the effectiveness of the country’s economic policies.
Ultimately, the central bank’s resolution highlights growing tensions in the region, including disputes over monetary sovereignty in the digital age. For regulators, it is about closing legal gaps and protecting the real. For citizens, this means losing a tool that provides agility against banking bureaucracy.
In this way, Brazil begins a stress test to determine whether institutional control is possible. It coexists with a financial ecosystem that essentially seeks to cross borders without permission.
(Tag Translation)Bitcoin (BTC)
