Summary
- Reported that the Brazilian government submitted a bill to allow the sale of virtual assets seized before trial.
- Said the bill would classify Bitcoin(BTC) and other virtual assets the same as foreign currency or securities to simplify sale procedures.
- The move is seen as the Brazilian government seeking to establish an institutional basis to respond to cases where virtual assets are abused as tools of crime.
The Brazilian government has submitted a bill that would allow the sale of virtual assets (cryptocurrencies) seized before trial to block funds for organized crime.
On the 10th (local time), according to CoinDesk, a crypto-focused media, Brazil's Congress is urgently reviewing the new bill submitted by the government. The bill is a measure to quickly dismantle the financial infrastructure of criminal organizations and would allow the sale of seized virtual assets such as Bitcoin(BTC) before trials conclude.
In particular, the bill stipulates classifying virtual assets in the same asset category as foreign currency or securities to simplify management and sale procedures. This is seen as an attempt by the Brazilian government to establish an institutional basis to respond to cases where virtual assets are abused as tools of crime.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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