Summary
BCB Resolution 561 (effective October 1, 2026) explicitly prohibits eFX providers from using virtual assets or stablecoins to settle cross-border payment flows. This is NOT a new ban — it codifies a restriction that already existed implicitly under Articles 49-50 of Resolution 277. Brazil operates two distinct cross-border payment rails: eFX (fiat currency, traditional forex) and SPSAV (Virtual Asset Payment Service Companies, authorized under Resolution 521). International payments with stablecoins remain fully viable under the SPSAV regime.
Key Points
- Resolution 561 makes explicit what was already implicit: eFX cycle must close via forex transaction or non-resident account — never via virtual assets
- Brazil has TWO separate cross-border rails: eFX (fiat) and SPSAV (virtual assets) — they are not interchangeable
- SPSAVs must file authorization requests with BCB by October 29, 2026; up to 3 years for final decision
- SPSAV transaction limit: R$100K per transaction (~$18K); securities dealers: R$500K; banks: no limit
- Resolution 521 (Nov 2025) created PSAV and SPSAV categories for regulated virtual asset services
- Resolution 520 requires full 1:1 fiat or government-securities backing for fiat-referenced stablecoins
- BCB Instruction 701/2026 requires independent proof-of-reserves certification for VASP authorization
- The 24-hour hold proposal (July 4) is a separate rule targeting outbound stablecoin transfers ≥ $10K
- Stablecoins account for 80-90% of crypto trading volume in Brazil