Brazil central bank prohibits crypto use in regulated cross-border payments under new FX rules
The Block
Brazil's central bank has banned the use of cryptocurrencies in regulated cross-border transactions to ensure international transfers remain within monitored foreign exchange channels.Summary
The Banco Central do Brasil has issued Resolution No. 561, which prohibits the use of cryptocurrencies in regulated cross-border payments. This measure mandates that international transfers must be processed through traditional foreign exchange systems or regulated Brazilian real accounts, effectively excluding digital assets like stablecoins from the official framework. While this does not ban crypto activity in Brazil entirely, it reinforces the central bank's strategy to maintain strict oversight of international financial flows. This action aligns with broader efforts to regulate the domestic crypto market, which has seen significant growth in stablecoin usage.
(Source：The Block)