April 19, 2024
Brazilian legislation aims to protect debtors' savings
Latest Cryptocurrency News

Cryptocurrency Assets Proposed for Protection Under Brazilian Savings Asset Bill

While Brazilian legislators are engaged in deliberations concerning a proposal designed to offer robust safeguards for a significant portion of debtors’ savings assets, a separate endeavor aims to incorporate cryptocurrencies into the latest iteration of this proposal.

Deputy Carlos Bezerra’s Bill 4.420/2021 is presently under review by the Committee on the Constitution, Justice, and Citizenship within the Chamber of Deputies of Brazil’s National Congress. This bill, which seeks to amend the 2015 Code of Civil Procedure, is intended to shield the personal savings of individuals up to an amount equivalent to 40 minimum wages from potential seizure by their creditors. On September 15, Deputy Felipe Francischini, who serves as the bill’s rapporteur, formally endorsed a recent proposal from Deputy Fernando Marangoni to include cryptocurrency assets among the protected funds.

Deputy Francischini articulated this by stating that in today’s landscape, individuals have altered their investment patterns, with traditional savings accounts giving way to alternative financial instruments. This addition became feasible following the enactment of Brazil’s cryptocurrency regulatory framework in June 2023. The current amendment aligns with this framework and defines virtual assets as digital representations of value that can be exchanged or transmitted electronically and utilized for payments or investment purposes.

In a separate development, in August, a Brazilian congressional committee approved amendments to a bill aimed at increasing taxes on cryptocurrencies held outside the country.

Image by pixabay

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