The Central Bank of Brazil (BCB) published BCB Resolution No. 561 this week, bringing significant changes. The new rule directly impacts the use of crypto assets and stablecoins in foreign exchange transactions.
The measure primarily affects regulated institutions that provide international payment services, known as eFX. From now on, using virtual assets for the settlement of international transfers is formally prohibited in these channels.
The End of the Gray Area for eFX
Until the publication of this resolution, many fintechs used stablecoins like tether or usd coin to speed up remittances. This model allowed converting real into crypto to settle payments abroad at a lower cost.
The resolution highlights that the BCB seeks to reinforce national monetary sovereignty. The authority wants to ensure that all capital flows pass through authorized and monitored exchange channels.
The resolution establishes that settlement between the eFX provider and the partner abroad must occur via a bank account. The use of networks like the Ethereum blockchain for this specific purpose will no longer be permitted for regulated agents.
Impact on Companies and Fintechs
Companies that relied on this model to offer cheap remittances will need to readjust their operations. The market is expected to undergo a restructuring to comply with the new reporting requirements.
Authorized institutions have specific deadlines to update their records in the Central Bank’s Unicad system. Those operating without authorization must apply for a license by May 2027 to remain in the market.
Experts in eFX believe the measure may make remittances more expensive. However, the BCB argues that the restriction increases visibility over capital flight and financial crimes.
The Future with Drex and Digital Currencies
The restriction does not prohibit the possession or trading of cryptocurrencies by individuals or companies outside the eFX system. The focus is strictly on the infrastructure for settling regulated international payments.
While restricting private assets, the Central Bank is accelerating the development of Drex, the digital real. The idea is for Drex to become the official infrastructure for the tokenized economy in the country.
Many see this move as preparation for the final launch of the Brazilian CBDC. The ultimate goal is to integrate the market under a controlled regulatory umbrella.
