Brazil Bans Cryptocurrency Use on Cross-Border Payment Network

The Brazilian government has taken a significant step towards regulating the use of cryptocurrencies in international transactions.

In a statement, the Central Bank of Brazil announced that it will no longer allow the use of cryptocurrencies on its official cross-border payment network.

This decision is aimed at preventing the entry of unregulated stablecoins into the system and reducing the risk of tax evasion and money laundering.

According to the central bank, 90% of cross-border remittances are linked to stablecoins, which increases the risk of illicit activities.

The ban does not apply to cryptocurrencies in general, but rather to their use in regulated electronic currency providers for international transfers.