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Brazil Revokes Pix Monitoring Rule After Nikolas Ferreira's Video Garners 200 Million Views

Jan 15, 2025, 08:41 PM

The Brazilian government, led by President Luiz Inácio Lula da Silva, has decided to revoke a new rule from the Federal Revenue Service that would have expanded the monitoring of Pix transactions. The rule, effective from the beginning of January, required financial institutions to report Pix transactions exceeding R$ 5,000 monthly for individuals and R$ 15,000 for companies. The decision to revoke the rule came after widespread misinformation and criticism, particularly from opposition figures like Deputy Nikolas Ferreira, whose video criticizing the measure garnered over 200 million views. To address the confusion and prevent potential fraud, the government will issue a provisional measure to prohibit any taxation on Pix transactions and ensure the privacy of users.