A Brazilian division of one of China’s largest public banks wants a company’s cryptocurrencies to be blocked. The case ended up in the court of the city of São Paulo, where it is appreciated and should have news soon. In recent months, several Brazilian brokerages have been called to court, in search of goods that belong to people and companies. Whether in cases of financial fraud, or even debt, digital currency platforms had to identify their customers’ possessions. After identifying any values, companies must proceed with the liquidation of assets and place them at the disposal of justice. This situation has become increasing as cryptocurrencies are still not regulated in Brazil and any disputes involving the sector must be dealt with in court.
Public bank of China asks for cryptocurrency blocking on behalf of company and its partner
China is one of the main economic powers in the world, but in 2021 it took center stage in the cryptocurrency sector, by banning coin mining and the operation of companies in this sector in the country. Although the government there does not allow companies to get involved with this market, in Brazil the situation remains normal and with a growing movement. This is because, more and more people and companies in the country buy cryptocurrencies and get involved with this financial innovation. This is what the public bank of China CCB is betting on, which in Brazil has its division CCB China Construction Bank (Brazil) Banco Múltiplo S/A. In Asia, it was founded by the Ministry of Finance of the People’s Republic of China, ranking among the three largest banks in the world according to recent surveys in the sector. Fact is that the financial institution sues a physiotherapy company and its partner since 2015 in São Paulo, seeking to collect amounts owed by them. As values to date have not been found, they have now started looking for cryptocurrencies, triggering justice so that Brazilian brokerages are summoned to declare values. Thus, Judge Inah de Lemos e Silva Machado decided that some of the exchanges will have five days to inform if there are cryptocurrencies on behalf of debtors. If they are found, they must immediately block them up to the limit of BRL 430,667.92which will be available to the court to resolve the case.
“I grant the issuance of official letters to FOXBIT, MERCADO BITCOIN, BITCOINTRADE, BRASIL BITCOIN, NOVADAX, which must inform the existence of financial assets linked to those executed”.
Judge has sentenced Jair Bolsonaro before
The judge who made the decision gained fame in Brazil in 2021, after condemning Jair Bolsonaro to pay R$20,000 in moral damages to journalist Patrícia Campos Mello, from Folha de São Paulo, for sexist statements in 2018. allegations by the Chinese bank and gave a strict deadline for complying with the decision to block cryptocurrencies on exchanges.
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