%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl / Brazil's central bank has banned electronic foreign exchange providers from using stablecoins or other cryptocurrencies to settle overseas remittances. The Brazilian ban takes effect on Oct. 1 of this year, with adaptation deadlines running into 2027. Payments between a foreign exchange provider and its foreign counterpart must move through a foreign exchange transaction or a non-resident real-denominated account in Brazil. Cryptocurrencies, including Bitcoin (CRYPTO: $BTC ), will be banned from such transactions. Going forward, a remittance firm cannot convert foreign funds into stablecoins and settle the payment on a blockchain. The rule does not ban crypto trading. Investors can still buy, sell, hold, and transfer cryptocurrencies such as Ethereum (CRYPTO: $ETH ) through authorized providers. The change targets companies such as Wise and Nomad that had built stablecoin settlement into cross-border flows. The ban comes with Brazil's crypto market moving $6 billion U.S. to $8 billion U.S. a month, with stablecoins such as Circle’s (NYSE: $CRCL ) USD Coin (CRYPTO: $USDC ) accounting for roughly 90% of those volumes. This is the latest in a series of crypto rule changes from Brazil’s central bank. In March, Brazil extended its financial transaction tax applied to stablecoin operations. BTC is currently trading at $78,700 U.S.