Brazil’s central bank bans stablecoin and crypto settlement in cross-border payments
Brazil’s central bank has banned electronic foreign exchange (eFX) providers from using stablecoins, Bitcoin or other cryptocurrencies to settle overseas remittances. BCB Resolution 561, issued on April 30, updates the rules for eFX, Brazil’s regulatory system for digital international payments, purchases, withdrawals and transfers. The rule takes effect on October 1, with an adjustment deadline…