According to Coindesk, Brazil’s central bank banned electronic foreign exchange (eFX) service providers from using stablecoins and cryptocurrencies such as Bitcoin for cross-border remittance settlements starting October 1. The ban applies to fintech and payment companies, cutting off backend payment channels for international fund transfers. However, individual crypto investors may continue to purchase and hold digital assets. Cross-border payments must now use traditional forex trading or non-resident real accounts.
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