Brazil Restricts Use of Crypto for International Transfers, Impacting XRP
Brazil's central bank has banned fintechs and payment businesses from using stablecoins or cryptocurrencies for international remittances via its eFX system, effective October 1. Ripple, the issuer of XRP, had recently expanded into Brazil, making this a potential setback. However, the ban is narrower than it appears, as licensed virtual asset service providers can still use stablecoins under supervision.
Tickers: $XRP
Topics: Brazil cryptocurrency international payments regulation Ripple XRP