Brazil adds cryptocurrencies to list of protected assets

 

Brazil adds

cryptocurrencies to list of protected assets

Cryptocurrencies may become part of the personal savings category

protected from confiscation on behalf of creditors.

As Brazilian lawmakers debate a bill that

• would give strong protection to a large portion of

• debtors' savings assets, a separate initiative seeks to

• include cryptocurrencies in the latest version of the bill.

Bill 

1. drafted by Representative Carlos Pizera
2. currently under consideration by the Constitution
3. Justice and Citizenship Committee of the Congress of

Deputies of Brazil's National Congress.

The 2015

amendment to the Code of

• Civil Procedure aims to protect individuals' private savings up

• to an amount equivalent to 40 per minimum wage

• from potential seizure on behalf of their creditors.

On 15 September

one of the bill's officials

• Representative Felipe Franciscini, formally confirmed

• his approval of the latest amendment proposal

• by Representative Fernando Marangone to

include encrypted assets in the list of protected funds.

According to Franceschini's observation:

• Nowadays, people's investment behaviour has changed
• with traditional savings accounts losing ground to
• other forms of financial investment.

This inclusion became possible after the issuance of

the Brazilian cryptocurrency framework in June 2023.

The current amendment refers to this framework

• identifying virtual assets as digital representations of value that

• can be traded or transferred via electronic means and used to

• make payments or investments .

Meanwhile in August :

a Brazilian congressional committee approved

amendments to a bill to increase taxes on cryptocurrencies abroad.

Brazil's Chamber of

Deputies has approved a bill that would add cryptocurrencies to

the list of protected assets for debtors.

This means that creditors would not be able to seize

a debtor's cryptocurrencies up to the amount of 40 minimum wages

which is currently around R$24,000 (approximately $4,500).

Overall, the addition of

• cryptocurrencies to the list of protected assets

• is a positive step for the adoption of cryptocurrencies in Brazil.

• It will help to protect crypto investors and make Brazil

• a more attractive destination for crypto businesses.

The addition of :

cryptocurrencies to the list of :

protected assets is a sign that Brazil is becoming more welcoming to

ryptocurrencies. It is also a sign that

the Brazilian government is taking the crypto market seriously.

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