This article is from www.blocknews.com.br and the original article can be read here in Portuguese
Deputy Paulo Eduardo Martins (PL-PR) presented to the Board of Directors of the Chamber of Deputies, last Friday (10), Bill 1,600/2022, which includes crypto-assets in the list of assets that can be pledged for payments of debts with governments. In addition, he proposes that governments and public institutions, that is, the so-called Public Treasury, may ask for the complementation of the attachment if the cryptoassets no longer correspond to the executed value.
The PL proposes changes to the Code of Civil Procedure (law 13.105/2015), to Decree No. 70.235/1972, which governs the administrative process for determining and demanding Union tax credits, and Law 12.016/2009, which regulates the individual and collective writ of mandamus.
The Code states that the attachment must preferably follow an order of assets. The deputy placed cryptos last on the list that starts with money. His position is fourteenth, after “other rights”.
According to the text, the Judiciary will not be able to have access to the users’ private key.. And anyone who has to pay a debt and wants to do so with crypto-assets as collateral, will need to follow rules such as transferring the tokens to the virtual wallet of the competent Court or being the faithful depositary if the judge allows.
House has another crypto bill
And if no debtor’s assets are located, the creditor can ask crypto-asset intermediaries – which one would assume would be exchanges – to block the debtor’s assets. But, one of the alternatives to this could be the transfer of cryptos by the intermediary to the virtual wallet of Justice. The blockades will take place without prior notice, says the PL of deputy Paulo Eduardo Martins.
The PL is still awaiting an order from the president of the Chamber of Deputies, Arthur Lira (PP/AL). Its process includes passage through the House and Senate. PL 4,401/2021 is also pending in Congress, which deals with general rules for the performance of cryptocurrency exchanges. The bill was approved by the Chamber, the Federal Senate and in May returned to the Chamber for approval.
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