João Pedro Nascimento · Originally published in Valor Econômico, July 2026
The electronification of Brazilian credit has entered a decisive phase, one of direct interest to the capital markets. The book-entry duplicata (duplicata escritural) is one of the most significant reforms of the credit infrastructure in recent years. The Central Bank of Brazil (BCB) launched the ecosystem on June 30, 2026. Brazil thus opens a new cycle for business financing.
The book-entry duplicata, the instrument at the heart of this change, is the electronic version of the duplicata, the Brazilian instrument that evidences trade and services receivables (duplicata mercantil e de serviços). It formalizes a sale on credit terms and gives rise to a negotiable receivable. Its legal basis lies in Law No. 13,775/2018 and in rules issued by the BCB, notably BCB Resolution No. 339/2023 and the 2024 Book-Entry Duplicatas Convention (Convenção das Duplicatas Escriturais). The legal function of the instrument remains the same. What changes is the infrastructure that supports it.
This new infrastructure clearly separates each stage of the instrument’s life cycle. Issuance, book-entry recording, registration of encumbrances, trading and settlement now take place in an integrated electronic environment. The architecture ensures the uniqueness and traceability of each instrument and precise control over its ownership. It reduces fraud and mitigates the use of the same receivable to back more than one transaction, a long-standing challenge in the receivables market.
Overcoming this challenge has immediate practical effects. Full traceability reduces potential documentary inconsistencies and strengthens legal certainty. Electronic registration tends to lower the cost of credit and broaden access to capital, especially for small and medium-sized enterprises. Duplicatas already account for approximately BRL 10 trillion a year in Brazil, yet only a small share of that volume is currently used as a credit instrument. The new model seeks to unlock precisely this potential.
To that end, the BCB is conducting the process methodically. The regulator has defined the regulatory framework, coordinated the testing phases and designed a gradual implementation schedule. Assisted production runs throughout 2026 in a controlled environment. Mandatory use is phased in from 2027 and will be completed by 2028, according to company size. This design allows time for adaptation and reduces transition risk.
Rather than relying on a single central platform, the arrangement chosen by the regulator operates through entities authorized by the BCB to perform book-entry and registration functions. The regulator grants these authorizations gradually, as each infrastructure completes the testing and certification stages. Interoperability among them is the heart of the system. It ensures the secure circulation of the instrument and the consistency of information across the different platforms.
The effects of this arrangement reach the capital markets. Implementation falls to the BCB, but the effects extend to the ecosystem regulated by the Brazilian Securities and Exchange Commission (CVM). Receivables investment funds (FIDCs) find in the new model an asset compatible from origination, backed by receivables whose origin, existence and enforceability can be audited and proven. Securitization gains higher-quality raw material. The soundness of the receivables market is strengthened, and investors gain traceable credit rights and greater certainty as to who holds them.
For FIDCs, this opens an opportunity for expansion. CVM Resolution No. 175 favors registered credit rights, and the book-entry duplicata is born already registered in a digital environment. The two approaches meet and reinforce each other. Digital backing broadens the universe of eligible receivables and reduces origination and verification costs. Asset managers that review their fund bylaws and connect early to the new environment will gain access to a larger, more liquid and higher-quality portfolio.
The book-entry duplicata also paves the way for the tokenization of receivables and may give further impetus to the crowdfunding market in Brazil. A single, traceable record with certain ownership creates the ideal foundation for representing these assets in a digital environment. The Brazilian capital markets have the chance to lead a new generation of products backed by private credit. Integration between the duplicata infrastructure and tokenization tends to increase liquidity, attract new investors and bring business financing closer to the market. Brazil has the opportunity to take the lead in this movement.
Taken together, these elements show that Brazil is taking a significant and well-planned step. The book-entry duplicata reorganizes credit, improves the quality of underlying assets and brings business financing closer to the capital markets. Institutions that prepare now, with sound legal structures and appropriate governance, will reap the first rewards of this new frontier. The future of Brazilian credit is being built today.
