Brazil Debates Bill To Protect Debtors’ Digital Assets Brazilian lawmakers make moves to include cryptocurrencies in the list of debtors-protected assets on behalf of creditors following their recognition as tradable property. In recent months,
Brazil has embarked on a major change to reduce the seizures of debtors' assets which is meant to settle their creditors.
Originally,
Bill number 4.420/2021 being debated by the Constitution,
Justice and Citizenship Committee of the parliament
does not include digital assets but a separate move is looking to include the asset class into the protection list.
The country
wants to amend the Code of Civil Procedure specifically the mode of debt enforcement
and the rights of both parties. The proposed amendment will protect the
financial savings of debtors to a figure equal to 40 minimum wages from seizures on behalf of creditors.
On September 15, Deputy Felipe Francischini disclosed an agreement to include digital assets
as part of the protected asset class after a suggestion from Deputy Fernando Marangoni.
“Nowadays, people's investment behavior has changed, with the traditional savings account losing ground to other forms of financial investment.”
