PANews, May 3rd – According to Coindesk, the Central Bank of Brazil has banned electronic foreign exchange (eFX) service providers from using stablecoins and other cryptocurrencies (such as Bitcoin) to settle overseas remittances starting October 1st. The ban applies to fintech companies and payment firms, cutting off the backend payment channels for cross-border fund flows. However, individual cryptocurrency investors can still purchase and hold assets. Electronic FX payments must now use foreign exchange transactions or non-resident real accounts. Unauthorized companies must apply for approval from the Central Bank of Brazil by May 2027.
