Brazil: Introduced bill No 1600/2022 recognising cryptocurrency as a means of payment

On 10 June 2022, draft law No 1600/2022 was introduced in the Brazilian House of Representatives, which aims to recognise cryptocurrencies as means of payment. The bill proposes to amend Article 835 of the Brazilian Code of Civil Procedure by adding Item 14 on cryptocurrencies. In particular, the amendment provides that while crypto assets are not legal tender, they can be used as a financial asset, a means of exchange or payment, as well as an investment and a tool for accessing goods and services. The bill also envisages new powers that Brazilian courts would have, such as freezing exchange accounts and prohibiting access to private keys.