Brazil Backpedals on Crypto Taxation as Presidential Election Looms

A measure would seek to smooth things over in Congress as President Luiz Inácio Lula da Silva shifts gears in anticipation of the upcoming elections. Dario Durigan, the recently confirmed Economy Minister, will focus on other issues to avoid losing further support from lawmakers.

According to sources consulted by Reuters, the Brazilian government will delay these measures for a hypothetical upcoming fourth term for President Luiz Inácio Lula da Silva as the government shifts into full election mode and avoids issuing controversial legislation.

Durigan steps in after Lula’s longtime ally, Fernando Haddad, resigned to also participate in the upcoming elections, seeking to be elected Governor of São Paulo.