Brazil’s central bank published Resolution No. 561 on April 30, 2026, banning all cryptocurrencies and stablecoins from the country’s regulated electronic foreign exchange (eFX) system. The rule takes effect October 1 and applies to every fintech and payment firm that uses the eFX framework for international transfers, purchases, and withdrawals. Stablecoins account for roughly 90% of Brazil’s crypto-linked international transfers, and the country processed $6.9 billion in crypto purchases in Q1 2026 alone, more than double the Q1 2025 figure.

The timing is hard to ignore. Three days before Brazil’s central bank published this resolution, Meta launched USDC stablecoin payouts for creators in Colombia and the Philippines through Solana…