Legal analysis of Brazil duplicata escritural (Federal Law 13.775/2018). BCB schedule: large issuers April 2027, medium October 2027, small April 2028. CMN Resolution 4.815/2020 mandates financial institution adoption.
Annual volume ~BRL 10 trillion (~US$1.8T). Centralized electronic bookkeeping, registration, and deposit via BCB-authorized registrars and depositaries.
Guarantees uniqueness (anti-fraud), system interoperability, transparency. Impacts suppliers (drawers), buyers (drawees), lenders (FIDC, fintechs, banks). Requires contract updates with escrituradoras.