{"id":463068,"date":"2022-06-15T08:44:46","date_gmt":"2022-06-15T05:44:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/brazilian-proposal-would-make-crypto-payments-legal-and-protect-private-keys\/"},"modified":"2022-06-15T08:44:46","modified_gmt":"2022-06-15T05:44:46","slug":"brazilian-proposal-would-make-crypto-payments-legal-and-protect-private-keys","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/brazilian-proposal-would-make-crypto-payments-legal-and-protect-private-keys\/","title":{"rendered":"# Brazilian proposal would make crypto payments legal and protect private keys"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25336881a7c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25336881a7c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/brazilian-proposal-would-make-crypto-payments-legal-and-protect-private-keys\/#%E2%80%9D_Brazilian_proposal_would_make_crypto_payments_legal_and_protect_private_keys_%E2%80%9C\" >&#8221; Brazilian proposal would make crypto payments legal and protect private keys &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Brazilian_proposal_would_make_crypto_payments_legal_and_protect_private_keys_%E2%80%9C\"><\/span>&#8221; Brazilian proposal would make crypto payments legal and protect private keys &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNzQ1YjA0MTEtNzM1YS00NWY1LTg4ODktNTM5NWE1YWZjZjY4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>A proposed addition to an existing Brazilian law would grant Brazilians the right to use cryptocurrency as a means of payment while protecting their private keys from being taken by the courts.<\/p>\n<p>Federal Deputy Paulo Martins issued the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.camara.leg.br\/proposicoesWeb\/prop_mostrarintegra?codteor=2184942\">proposal<\/a> to the country\u2019s legislature on June 10. If passed, the bill would expand both the legal uses of cryptocurrency in Brazil and the power the courts would have in confiscating it.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BRAZIL: Bill introduced for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and crypto to be recognized as means of payment! <\/p>\n<p>\u2014 Bitcoin Archive  (@BTC_Archive) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1536653435579338752?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe proposed addition in Article 835 of the Civil Procedure Code states that while crypto assets, is not currency in and of itself, it could be \u201cused as a financial asset, means of exchange or payment, or instrument of access to goods and services or investment.\u201d<\/p>\n<p>It would not necessarily make Bitcoin or any crypto legal tender in the country. It would instead make crypto a legally recognized financial asset for investments and other uses.<\/p>\n<p>A broad interpretation of the proposal suggests that cryptocurrency such as BTC or ETH could be used to pay for goods and services across the country. It could also be used to pay outstanding debts \u201cin the event of offering or forced constriction\u201d of crypto assets.\u201d<\/p>\n<p>The proposal also discusses the new powers and limitations that Brazilian courts would have once crypto is recognized as a financial asset, such as freezing exchange accounts.<\/p>\n<p>However, the proposal has also stopped short of giving the court power to seize users\u2019 private keys. <\/p>\n<blockquote><p>\u201cThe following rules will be observed: Access, by the Judiciary, to the users&#8217; private key is prohibited.\u201d<\/p><\/blockquote>\n<p>A debtor would have to send their crypto payment to the court\u2019s wallet to ensure its validity. The proposal does not mention how the court would obtain crypto from self-custodied wallets.<\/p>\n<p>For those that keep their crypto on exchanges, the court would have the power to force \u201cinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries\u201d such as exchanges to freeze the debtor\u2019s crypto assets.<\/p>\n<blockquote><p>\u201cIn the event that the debtor&#8217;s assets are not located, the creditor may request the competent Court to issue an ex officio, by electronic means, to the intermediaries involved in operations with crypto-assets, so that assets corresponding to the amount executed are blocked.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Brazilian central banker describes how CBDC system can halt bank runs<\/em><\/strong><\/p>\n<p>The proposed additions are still in the initial phase of discussion in the Chamber of Deputies within the country\u2019 legislature. This means that it could take several years before the additions are passed by the Senate and signed into law by the president. By that time they may have changed drastically.<\/p>\n<p>Only El Salvador and Central African Republic recognize Bitcoin as legal tender. Tonga is considering following in their footsteps.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/brazilian-proposal-would-make-crypto-payments-legal-and-protect-private-keys\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Brazilian proposal would make crypto payments legal and protect private keys &#8220; A proposed addition to an existing Brazilian law would grant Brazilians the right to use cryptocurrency as a means of payment while protecting their private keys from being taken by the courts. Federal Deputy Paulo Martins issued the proposal to the country\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNzQ1YjA0MTEtNzM1YS00NWY1LTg4ODktNTM5NWE1YWZjZjY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[80098,22483,71433,70934],"class_list":["post-463068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-private-keys","tag-brazil","tag-court","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463068"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463069"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}