Brazilian lawmakers have drafted a bill to include cryptocurrencies in the list of protected assets of debtors. The bill, numbered 4,420/2021 and authored by Carlos Bezerra, is currently under review by the Constitution, Justice, and Citizenship Committee of the Brazilian National Congress.
Aim to Protect from Possible Seizures
Additionally, this bill aims to make amendments to the Code of Civil Procedure, which was enacted in 2015, and seeks to protect individuals’ private savings of up to 40% of the minimum wage from potential seizures on behalf of creditors.
Furthermore, Deputy Felipe Francischini, who is the rapporteur of the bill, has officially confirmed the acceptance of Deputy Fernando Marangoni’s proposal to include crypto assets in the list of protected funds.
“In today’s world, the decline in preference for traditional savings accounts compared to other forms of financial investment has led to a change in people’s investment habits.”Deputy Felipe Francischini
In conclusion, if this bill becomes law, individuals with crypto assets will be better positioned to protect these assets from creditors when it comes to settling their debts.