Some Brazilian federal deputies, participating in the Constitution, Justice and Citizenship Commission (CCJC), want to ban the seizure of cryptocurrencies for amounts up to 40 minimum wages.
The ban would be included in the Code of Civil Procedure (CPC), which would have a new article section. The idea also gained momentum with the adoption of Law No. 14,478/2022, the Cryptocurrency Framework, which came into effect in June 2023.
It is worth noting that the new regulations call cryptocurrencies and cryptoassets “virtual assets.” Therefore, the ban on seizure should follow the standard of the law, that is, prohibiting the pledging of virtual assets with a value of less than 40 minimum wages.
Nevertheless, the deputies understand that the ban should not work in a contractual relationship between parties. The new rule is subject to several approvals, including in the Federal Senate, before it takes effect.
Understand the discussion of delegates to ban the seizure of cryptocurrencies up to a minimum wage of 40
Bill 4.420/2021, authored by Deputy Carlos Bezerra (MDB/MT), is being debated in the Chamber of Deputies. In short, your project calls for a ban on the seizure of savings amounts and wage loans with amounts in salary accounts of less than 40 minimum wages.
Currently, the project is in the analysis phase of the CCJC, where it has received an amendment proposal from Deputy Fernando Marangoni (UNIÃO/SP). For Marangoni, the protection against seizure should extend to crypto assets and other financial assets, which would change Article 833 of the CPC.
“Article 833……………………40 (forty) minimum wages; (NR).”
The draftsman of the bill, Deputy Felipe Francischini (UNIÃO/PR), presented an opinion last Friday (15) stating that he agreed with the merits of the amendment. In addition, he asks for a new paragraph to provide more protection in contractual relationships.
“Art.833…………………… §4 The provisions of point (NR).”
With the amendment, the rapporteur of PL 4.420/2021 voted in favor of constitutionality, legality and good technique, and recommended the adoption of the bill. It is worth remembering that in order to enter into force, the bill must still be approved by the majority of the CCJC and other committees analyzing the project, in addition to the majority of the plenary of the House and the Federal Senate .
Second bill to recommend protection for cryptocurrencies
With the amendment that aims to ban the seizure of cryptocurrencies for amounts up to 40 minimum wages, the Chamber of Deputies has already won its second project recommending protection.
This is because PL 743/2022, as reported by Livecoinsalso recommended a ban on pledging cryptocurrencies for amounts lower than 40 minimum wages.
The project is also being discussed at the CCJC and could even be merged for joint processing as both bills require the same approval.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.