A Brazilian court has authorized the seizure of Crypto Assets for debt settlement.

ChainCatcher

According to ChainCatcher news, as reported by Cointelegraph, the Third Panel of Brazil’s Superior Court unanimously ruled that the court can seize a debtor’s Crypto Assets to repay creditors. According to the ruling, judges can now notify crypto exchanges to seize the assets of account holders for debt repayment. The High Court stated in a memorandum published on its website that although Crypto Assets are not legal tender, they can be used as a means of payment and a store of value. Judge Ricardo Villas Bôas Cueva indicated that while Brazil currently lacks formal regulation of Crypto Assets, certain bills have recognized them as a representation of digital value.

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