Brazil's Central Bank to Prohibit the Use of Cryptocurrencies for Regulated International Payments

On April 30, the Central Bank of Brazil announced a prohibition on the use of digital assets (cryptocurrencies) for cross-border regulated remittances and payments. This announcement is part of the new regulations for the international payment and remittance service 'eFX'. Under these new rules, the use of cryptocurrencies, including stablecoins, is banned, and traditional foreign exchange systems or regulated fiat currency accounts in the Brazilian Real will be used for cross-border financial transactions.