Brazil’s top financial policy body banned some pension funds from investing in cryptocurrencies because they are too risky.
The National Monetary Council (CMN) forbade closed pension entities known as Entidades Fechadas de Previdência Complementar (EFPCs) from allocating any portion of their guarantee reserves into bitcoin (BTC) or other digital currencies.
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The EFPCs manage retirement savings for tens of thousands of unionized and company-employed workers and their reserves are typically made up of bonds and equities.
“The resolution also prohibits investments in virtual assets, considering their specific investment characteristics and associated risk,” a Ministry of Finance notice circulating among local news outlets reads.
The ruling was published last week under under Resolution 5.202/2025 by the National Monetary Council (CMN).
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