PANews reported on May 3rd that, according to Coindesk, the Central Bank of Brazil will ban electronic foreign exchange (eFX) service providers from using stablecoins and other cryptocurrencies (such as Bitcoin) to settle overseas remittances starting October 1st. This ban applies to fintech companies and payment companies, cutting off back-end payment channels for cross-border capital flows, but individual cryptocurrency investors can still purchase and hold assets. Electronic foreign exchange payments must now be made using foreign exchange trading or non-resident real accounts. Unauthorized companies must apply for approval from the Central Bank of Brazil by May 2027.