> For the complete documentation index, see [llms.txt](https://www.opensourcelaw.com.br/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.opensourcelaw.com.br/en/regulation/2.-central-bank/2.2.-notice-no.-31-379-2017.md).

# 2.2. Notice No. 31,379/2017

Warning about cryptocurrencies.

The [Notice](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Comunicado\&numero=31379) is a warning from Bacen that cryptocurrencies are neither issued nor guaranteed by any monetary authority, and there is no guarantee of conversion into sovereign currencies, nor are they backed by real assets of any kind, with all risk borne by the holders.

{% hint style="info" %}
Virtual currency should not be confused with the definition of electronic money covered by Law No. 12,865/2013. Electronic money is “the funds <mark style="background-color:purple;">in reais</mark> stored in an electronic device or system that allow the end user to carry out a payment transaction”. Electronic money, therefore, is a way of expressing credits denominated in reais.
{% endhint %}

{% hint style="warning" %}
Transactions involving virtual currencies and other related instruments that imply international transfers denominated in foreign currencies do not waive the obligation to comply with foreign exchange regulations, especially the execution of transactions exclusively through institutions authorized by Bacen to operate in the foreign exchange market.
{% endhint %}