About 90% of crypto flows in Brazil are tied to stablecoins — and that figure appears to have been the breaking point for regulators.
A Rule With A Narrow But Significant ReachBrazil Central Bank Updates eFX Rules, Bans Crypto for Cross-Border Transfers
What this is not, officials made clear, is a nationwide ban on crypto. Brazilians can still use digital assets outside the eFX channel. The BCB is drawing a line specifically around the supervised cross-border payment infrastructure it controls.
Stablecoin Surge Raised Red FlagsBCB Governor Gabriel Galipolo flagged the issue publicly in February. Crypto use in Brazil had jumped sharply over the previous two to three years, he said, with stablecoins accounting for roughly 90% of those flows. Reports indicate he pointed to concerns over taxation, money laundering, and questions around asset backing.
The central bank had already been moving to tighten its grip. In November 2025, BCB detailed new authorization requirements for virtual asset service providers, including rules for those touching the foreign exchange market. The eFX restriction announced this week builds on that groundwork.
BRAZIL CENTRAL BANK CRACKS DOWN ON CRYPTO USAGE
The Banco Central do Brasil has officially issued Resolution No. 561, banning the use of cryptocurrencies in all regulated cross-border payment frameworks.
Brazil’s concern goes beyond cross-border transactions. In a technical note submitted to Congress, the BCB warned that stablecoins issued outside its supervisory perimeter could be banned outright or face strict conditions in the domestic market.
Real-denominated stablecoins issued without BCB oversight may create risks around regulatory fairness and monetary control. Foreign-currency stablecoins raise separate worries about jurisdiction, capital movement, and fragmentation of the payments system.
What Comes Next For Crypto ProvidersFeatured image from PlanetofHotels.com, chart from TradingView
