Cryptocurrency transactions are now in the spotlight in Brazil, becoming a key element in the broader financial debate on taxation. On May 22, the Brazilian government introduced a series of changes that increased the existing tax on financial transactions (IOF), spurring public rejection.

Now, lawmakers are discussing their next actions to discourage the government from following this course of action, raising the possibility of including crypto as part of this tax to reduce the impact on a broader target.

The president of the Chamber of Deputies, Hugo Motta, floated this idea during a public speech before a meeting with Finance Minister Fernando Haddad and the President of the Senate, Davi Alcolumbre.

According to local media, Motta was vocal about his rejection of the hike, stating that the Brazilian people could not stand another tax increase, but supporting the idea of extending this tax to crypto transactions.

Nonetheless, he acknowledged that this was just a proposal and that this had not been decided. The idea garnered mixed opinions from the cryptocurrency industry in Brazil, with some claiming that such a move would be illegal.

Vanessa Butalla, vice president of legal, compliance, and risks at Mercado Bitcoin, stated this could not be possible due to the treatment the Brazilian tax agency gives cryptocurrency. “It would be like deciding to charge IOF on a property purchased for investment,” she stressed.

Daniel de Paiva Gomes, a partner at Paiva Gomes Advogados, told Valor Economico that any collection of taxes derived from this executive order would be illegal, as it cannot change the already established law. “Only a law approved by the National Congress could change the definition of the taxable event to include a new class of assets as taxable,” he stressed, claiming that the government can only establish rates and deadlines.

Read more: Central Bank of Brazil Open to Change Proposal Establishing Controversial Stablecoin Ban

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