Brazil Bans Crypto in Cross-Border Payments Amid Meta's USDC Payout Rollout

Brazil's Central Bank has issued a resolution banning the use of cryptocurrency in regulated cross-border payments, effective October 1. This move is part of the country's efforts to curb institutional adoption of cryptocurrencies.

The resolution amends earlier provisions and emphasizes that international payments must be carried out through traditional means, such as foreign exchange transactions or bank transfers. Cryptocurrency transactions are prohibited for institutions providing cross-border payment services.

Meanwhile, Meta has launched USDC stablecoin payouts for creators in Colombia and the Philippines. This move marks Meta's first concrete step into crypto-based payments after years of regulatory setbacks. The pilot program uses Stripe as its backend partner, allowing creators to receive earnings in USDC on the Solana or Polygon networks.

Meta had attempted its own cryptocurrency project, Libra/Diem, between 2019 and 2022, but it was shut down due to regulatory opposition. The launch of USDC payouts reflects Meta's efforts to find a workable solution for international creator payments.