Lawmakers in Brazil are currently discussing a proposed bill that will provide strong protection for debtors’ savings assets, including cryptocurrency. The bill, known as Bill 4.420/2021 and authored by Deputy Carlos Bezerra, is being considered by the Committee on the Constitution, Justice, and Citizenship in the Chamber of Deputies of the National Congress of Brazil. It seeks to amend the Code of Civil Procedure to ensure that individuals’ private savings, up to an amount equivalent to 40 minimum wages, are not subject to seizure by creditors.
The bill’s rapporteur, Deputy Felipe Francischini, confirmed on September 15 that he has agreed to an amendment suggestion from Deputy Fernando Marangoni to include cryptocurrencies in the list of protected funds. This amendment has become possible after the enactment of the Brazilian crypto framework in June 2021, which defines virtual assets as digital representations of value that can be traded or transferred via electronic means for making payments or investments.
Furthermore, a congressional committee in Brazil approved amendments to a bill in August that would increase taxes on cryptocurrencies held overseas.
Preserving this article as an NFT is a unique opportunity to capture this moment in history and demonstrate support for independent journalism covering the cryptocurrency industry.