Brazil's top financial policy body has banned some pension funds from investing in cryptoassets, citing the high risk of cryptocurrencies. The National Monetary Commission (CMN) has prohibited closed-end pension institutions (EFPCs) from investing any portion of their guaranteed reserves in Bitcoin (BTC) or other digital currencies. These closed-end pension institutions (EFPCs) manage the retirement savings of tens of thousands of union members and corporate employees, and their reserves typically consist of bonds and stocks.