Brazil: tax agents can confiscate Bitcoin (BTC) at airports

Some federal tax agents from Brazil (RFB) have discussed the possibility of confiscating Bitcoin (BTC) at airports. These agents are also featured in the series “Airport – Restricted Area” and have emphasized that the inspection of crypto-wallets occurs only for “specific targets.” 

Brazil and the confiscation of Bitcoin (BTC) at airports only for “specific objectives”

According to what is reported, the agents of the Brazilian federal tax authority (or RFB) Mario De Marco, Anderson Leme, and Rodrigo Quaresma, discussed the monitoring of crypto-wallets at airports.

In practice, the three agents, also protagonists of the series “Airport – Restricted Area”, participated in the Ticaracaticast podcast. Specifically, the agents talked about limits, practices, and Brazilian legislation on the topic of “money transportation”, also involving Bitcoin (BTC)

In this regard, agent Quaresma began with a rule that applies both to entry and exit from Brazil:

“Today there is a limit of 10,000 dollars and it is necessary to declare that you are traveling with more than 10,000 dollars”

Speaking about crypto hardware wallets like Ledger, the presenter asked the agents if they check such devices and the Bitcoin (BTC) contained. 

In this regard, agent De Marco stated that the inspection of crypto-wallets is carried out by the RFB only when there are “specific targets.” 

However, agent Leme made an important comment, noting that “the legislation speaks of cash”. In other words, it is not the task of the RFB to carry out this work, unless the suspect is being investigated for a crime.

Brazil: between the confiscation of Bitcoin at the airport and the proposal of salary payments in BTC

Speaking of RFB and Bitcoin, in 2024, the agency had auctioned four Bitcoin (BTC) wallets, with a starting bid of 300 reais. 

Such BTC wallets had been seized by customs at Viracopos airport, and they were three of the Ballet brand and one from Block, the company of Jack Dorsey. 

In any case, while now the crucial theme is the inspection of BTC in airports in Brazil, last week bitcoin was mentioned in a bill proposal.

In fact, it seems that Brazil is considering introducing regulations for salary payments in BTC and other crypto. 

Specifically, Federal Deputy Luiz Philippe de Orleans e Bragança presented this legislation to allow employers to pay part of the salary in cryptocurrencies. 

It is therefore an authorization for voluntary and partial payments in BTC and other crypto. At the same time, however, there is an obligation to pay at least 50% of the salary in Brazilian real, the official currency of the country. 

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The ETF on Ripple (XRP) spot

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Last February, Brazil made headlines in the crypto world for being the first country in the world to launch the first spot Ripple (XRP) ETF.

In fact, at that moment, the approval of the fund HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, by the Comissão de Valores Mobiliários (CVM) had just arrived.

This initiative has the potential to expand access to XRP for institutional and retail investors.