According to Deep Tide TechFlow, Brazil is considering taxing cryptocurrency transactions to alleviate the impact of the increase in the Financial Transaction Tax (IOF). House Speaker Hugo Motta proposed this idea before meeting with the Finance Minister and the Senate President.
Motta opposes tax increases, stating that the public cannot bear more taxes, but supports extending taxes to cryptocurrency transactions. The Brazilian cryptocurrency industry has reacted variably to this proposal. Legal experts point out that only laws approved by Congress can change the definition of taxable events.