Welcome to Latam Insights Encore. This dives deep into Latin America’s most relevant economic and crypto news last week. In this edition, you can explore how an unfortunate verdict has turned into a cryptocurrency that is close to what is considered money in Brazil, and stumble to settle your debt.
Latam Insights Encore: Crypto gives you a new step to getting money in Brazil, helping you by your unlikely allies
Brazil seems to be taking a step forward, a step back when it comes to cryptography, and often reluctantly advances. Last week we criticized the Brazilian regulator’s stance on Stubucoin, and while a ruling from one of the best courts now benefited encryption, it feels like a curveball.
Read more: Latam Insights Encore: Brazil fights a meaningless war with Stubcoin
Last week, the Brazilian National High Court ruled that the code could be seized on payment of unpaid debts, and rescinded an earlier ruling that established that searches and seizures of digital assets jeopardize the confidentiality of the debtor.
The verdict, unfortunate for some, has once again brought the value and importance of Crypto to the public.
This move is more closely related than before, as it is recognized as cryptocurrency and is well-related to scrutiny in cases of outstanding debt. The feasibility of this event is another matter, but anyone who stores digital assets in a local cryptocurrency exchange can reach this type of measure.
As a result, this sentence could indirectly help creditors in the case of cryptocurrency fraud, as it is easy to block and seize funds related to these crimes if they are stored in exchange. This gives the authorities another tool to combat the aftermath of crypto crime, but not limited to that.
Still, there’s a lot to do in Brazil, and the fight is still raging, and the Crypto actor is currently fighting future rules banning Stablecoin’s independence, potentially cutting the country off decentralized financial initiatives.
As I said before, take a step forward, take a step forward.
Read more: Historical: Cryptocurrency assets can now be legally seized in Brazil
