Key Takeaways
- Training on Bitcoin and Crypto was provided at a summit organized by Brazil’s Justice Ministry.
- The importance of judicial rulings with legal precedent was stressed to the judges.
- The conferences are aimed at discussing the central concepts of criminal law and approving declarations that will function as definitional guidance for the Federal Justice System in criminal matters.
Brazilian Federal Judges have received crypto-related training in an effort to set up the judiciary for a spike in crypto-related litigation.
As cryptocurrency has grown in popularity in both the financial and digital domains, prospective lawsuits have arisen. While cryptocurrencies may appear cryptic to those who are acquainted with their fiat contemporaries, lawsuits involving the loss of funds are comparable to pre-digital-currency lawsuits in several ways. Complaints of contract breach, conversion, and fraud, as well as damages and injunctive relief, are frequently made.
A week ago, federal idol judges and magistrates were recommended to be more aware of crypto market-related offences – and an increase in crypto-related crime – at a meeting organised by the country’s Justice Ministry. The ministry advised the judges to pay attention to the fact that Brazil’s cryptocurrency buying and selling figures have lately increased. According to some estimates, tens of millions of Brazilians own crypto assets.
Judges received crypto “training” and participated in discussions on crypto-related themes at the summit. They were also told that, as the crypto terrain evolves, Supreme Court justices must continue to expand their knowledge, despite the fact that crypto legislation in Brazil is primarily non-existent.
As a consequence, judicial decisions that could set legal precedent are crucial.
The head of the Superior Court of Justice (STJ) and the CJF, STJ President Humberto Martins, was quoted in an official Federal Justice Council (CJF) release as saying that “globalisation” and organised crime’s technological proficiency were causing an increase in crypto-related crime.
“We are in this representational process of transition that helps guide all lawful science and Criminal Law, which is going to make significant progress in the inclusion of conventional Common Law institutes – highly prevalent in our system -, which has its roots in the Civil Law system, in a remarkable and essential symbiosis that has provided significant advances towards the improvement of the legal system,” the president stated.
The STJ’s Vice President, Jorge Mussi, was quoted as saying:
“The use of cryptocurrencies without proper regulation causes concern for those who are responsible for dealing with this issue.”
Mussi also warned that due to the slow pace of crypto-specific legislation, there were “gaps” in the rules.
Meanwhile, according to data from cybersecurity provider ESET, there has been a clear, marked rise in crypto scams from false and suspicious-looking crypto exchanges, according to the Brazilian media outlet LiveCoins.
Some of these con artists appear to be from other countries, but they use Portuguese-language materials to specifically target would-be Brazilian investors.
The scammers, according to SET, use social engineering techniques to persuade potential victims to click links, provide personal information, and even buy what they believe are bundles of “coins.”
Scammers attacking Brazilians are also involved on other social media platforms, such as Twitter, according to the media outlet, which published screenshots of WhatsApp messages from suspected scammers.
Coping with Crime in the face of Novelties such as the Criminal use of Cryptocurrencies:
Minister Jorge Mussi, Vice President of the STJ and the CJF, highlighted the troubles of criminal laws keeping up with the pace of change in today’s criminal universe, resulting in complicated legal gaps for judicial action. The minister, for example, brought up the use of cryptocurrencies in the role of economic system crimes, a topic that was discussed on the first day of programming.
“I cite the peculiar situation of facing the contingencies of the use of cryptocurrencies, which show the movement of large amounts in this parallel market, all without proper regulation, which generates concern for all those who are obliged to face this issue”, observed the Minister Mussi.
