Germer also believes that there are now “much clearer rules of the game.”
Brazil notified that cryptoassets cannot be used in eFX, its international payments service.
Ralf Germer, CEO of the firm PagBrasil, developer of the Pix International gateway, considers that the recent ban by the Central Bank of Brazil (BCB) on the use of bitcoin (BTC) and stablecoins in the cross-border payment service eFX represents a limitation for the development of disruptive business models, although necessary to establish clear rules of the game.
In a LinkedIn post published on May 3, Germer highlights that this measure is essential to guarantee responsibility in the management of third-party funds and to eliminate distortions in the market. Thus, it forces the expansion of solutions such as Pix Internacional to occur under a strict compliance scheme and without the use of virtual assets for settlement.
Specifically, BCB Resolution No. 561, issued by the monetary authority, establishes that eFX service providers must settle payments and collections abroad. exclusively through traditional exchange operations or accounts in reais of non-residents, and not in crypto assets, as reported by CriptoNoticias.
Germer explains that This decision puts an end to a regulatory “gray area” in which some companies used the digital currency bitcoin and various stablecoins to accelerate settlements outside the SWIFT system, sometimes avoiding the payment of the Financial Operations Tax (IOF), which can represent a cost of up to 3.5% in international payments.
It is necessary to differentiate the operation of these tools to understand the impact. While the original Pix is an instant payments system of strictly domestic scope and in local currency developed by the BCB, Pix Internacional, developed by PagBrasil, uses the structure of the eFX model to allow cross-border transfers and purchases.
Therefore, by vetoing the use of bitcoin and stablecoins in this process, the regulator ensures that all Pix International transactions go through the conventional exchange systemclosing any settlement channel that operates outside of traditional banking supervision.
For the director of PagBrasil, “it is very positive to be bold when creating new products or business models, but when it comes to managing third-party funds, the most prudent and responsible thing is to be as conservative as possible.”
«On the one hand, the new regulation limits innovation and the development of disruptive business models, which is not ideal. But, on the other hand, it establishes much clearer rules of the game for all participants, which is positive by reducing competitive distortions,” emphasizes Germer.
This resolution has sparked controversy in the digital financial sector. On the one hand, it is criticized that Brazil limits competitiveness by restricting technologies that promise greater agility and lower operating costs in global transfers. On the other hand, the position defended by Germer suggests that the country’s payments ecosystem is reaching a stage of institutional maturity.
According to the businessman, the challenge for service providers is now to “find a balance” where technological innovation does not stop, but its evolution remains within the legal and fiscal limits established by the Brazilian monetary entity.