That’s according to a new resolution from the country’s central bank, published last week and flagged Sunday (May 3) in a report by CoinDesk.

Under the new rules, set to go into effect Oct. 1, payments between a Brazilian eFX company and its overseas counterpart needs to move via a foreign exchange transaction or a nonresident real-denominated account in Brazil, with cryptocurrencies not allowed.

In addition, remittance companies are forbidden from taking Brazilian reais from a client, converting those funds into stablecoins or bitcoin, and settlement payment on a blockchain, the new rules say.

The CoinDesk…