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Brazil's central bank has banned electronic foreign exchange (eFX) providers from using stablecoins, bitcoin or other cryptocurrencies to settle overseas remittances.
Brazil's central bank has barred eFX providers from using stablecoins or cryptocurrencies for remittance settlements.
KEY POINTS
- Resolution No. 561 closes the use of crypto as a back-end rail for regulated eFX firms.
- Nomad and Braza Bank's stablecoin-based cross-border flows are directly impacted by the new regulation.
- eFX services are now limited to BCB-authorized entities, with a deadline to apply by May 31, 2027.
- Providers can handle capital market-related transfers up to $10,000 per transaction under the new rules.
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