A new bill in Brazil that covers crypto assets as a part of personal savings for debtors could bring an advantage to Brazilian crypto investors.
Brazilian lawmakers have introduced a new bill that includes an important aspect for crypto investors. The bill includes specific provisions for debtors’ personal savings in case of a seizure by creditors. The bill also provisions for crypto assets to be a part of this personal savings category. If lawmakers pass the bill, it could be a landmark event for Brazilian crypto investors.
One of the Brazilian lawmakers, Carlos Bezerra, authored the original bill. The Chamber of Deputies of the National Congress of Brazil has seen the bill being deliberated by the Committee on the Constitution, Justice, and Citizenship. The bill states a debtor’s personal savings, equivalent to 40 minimum wages, would be safe from a seizure by creditors.
With regard to the inclusion of crypto assets in the bill, Deputy Felipe Francischini confirmed the proposal from Deputy Fernando Marangoni. Deputy Francischini is also the rapporteur of the bill.
He mentioned, “Nowadays, people’s investment behavior changed, with the traditional savings account losing ground to other forms of financial investment.”
Months back, the President of the country initiated a Brazilian crypto framework. The new law empowered the Central Bank of Brazil over crypto regulation. The framework could have created the foundations of the bill. Moreover, the bill also mentions the framework, which defines virtual assets as representations of value that can be traded.