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The Central Bank of Brazil bans the use of stablecoins and cryptocurrencies for settlement in cross-border payments
Golden Finance reports that on May 3rd, the Central Bank of Brazil banned the use of stablecoins and cryptocurrencies for settlement in cross-border payments, effective October 1st. The ban applies to fintech companies and payment companies, shutting down the backend payment channels for cross-border fund flows, but individual cryptocurrency investors can still buy and hold assets.