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Brazil’s Central Bank prohibits the use of cryptocurrencies for international transactions., 2026/05/04 14:42:59
Starting October 1, electronic currency transaction providers (eFX) in Brazil will be prohibited from utilizing stablecoins and other cryptocurrencies, including Bitcoin, for international money transfers, as announced by the Brazilian Central Bank.
eFX providers are firms that offer international payment, purchasing, and transfer services within Brazil’s regulated electronic currency transaction framework.
The new regulations from the Central Bank apply to all fintech companies and payment systems engaged in international transfers that do not possess a cryptocurrency broker license. Officials from the Central Bank assert that cross-border payments must be conducted either through transactions in fiat currencies or via non-resident accounts in Brazilian reais. Payment services are not permitted to accept reais from clients, convert them into USDT, USDC, or Bitcoin, and then execute payments abroad using blockchain technology.
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The ban does not affect cryptocurrency trading: investors are still allowed to buy, sell, hold, and transfer digital assets, but only through licensed virtual asset service providers—mandatory licensing for these providers in Brazil commenced on February 2.
Prior to the implementation of mandatory cryptocurrency licensing requirements, some companies actively utilized stablecoins for international transactions. Central Bank officials mentioned Wise, Nomad, and Braza Bank. Nomad employs the Ripple network for transferring funds between Brazil and the United States. Braza Bank has issued a stablecoin backed by reais on the XRP Ledger.
According to Receita Federal, the monthly volume of Brazil’s cryptocurrency market is estimated at $6–8 billion, with approximately 90% of this volume attributed to stablecoins. Data from analytics firm Dune indicates that a token pegged to the Brazilian real (BRL) accounts for about 10% of the global stablecoin market.
