Brazil's Central Bank Blocks Cross-Border Crypto Settlements, Targeting Stablecoins
Brazil's Central Bank Blocks Cross-Border Crypto Settlements, Targeting Stablecoins
Brazil's Central Bank (BCB) has enacted Resolution BCB No. 561, a measure that restricts the use of cryptocurrencies for cross-border settlements. This regulation primarily impacts stablecoins, which reportedly constitute about 90% of all crypto flows within Brazil, indicating a significant tightening of regulatory control over the nation's digital asset market.
Brazil Tightens Grip On Crypto As Central Bank Blocks Cross-Border Settlement Use
About 90% of crypto flows in Brazil are tied to stablecoins — and that figure appears to have been the breaking point for regulators. Related Reading: Bitcoin’s Defenders Launch ‘Evidence Base’ In Battle Against FUD A Rule With A Narrow But Significant Reach Banco Central do Brasil (BCB) issued Resolution BCB No. 561 on Thursday, [...].