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Lula's Government Revokes Pix Monitoring Rule Over R$ 5,000 and R$ 15,000 Thresholds Amid 200 Million View Backlash

Jan 15, 2025, 08:22 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 aimed to increase monitoring of Pix transactions. The rule required financial institutions to report transactions exceeding R$ 5,000 monthly for individuals and R$ 15,000 for companies. It was met with significant backlash and misinformation about potential taxation of Pix. Finance Minister Fernando Haddad announced the revocation, citing the need to combat false narratives that were causing panic and undermining trust in the payment system. In response, the government plans to issue a provisional measure to reinforce the principles of non-taxation and banking secrecy for Pix transactions, ensuring they are treated similarly to cash payments. The decision follows widespread criticism and a viral video by Deputy Nikolas Ferreira, which garnered over 200 million views and fueled public discontent with the proposed monitoring.