Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
An electoral court in Brazil has accused a politician of not disclosing his Bitcoin (BTC) assets.
According to the Brazilian news outlet Livecoins, the Regional Electoral Court of Minas Gerais has summoned a council candidate for neglecting to report a BTC purchase made in 2024.
Brazil: Politician Charged with Undeclared BTC Purchase
The individual in question was a candidate for the position of councilor in the municipality of Perdões during the municipal elections held on October 6, 2024.
The state of Minas Gerais on a map of Brazil. (Source: Raphael Lorenzeto [CC BY 2.5])
The politician now has the legal right to respond to the summons before the end of this week.
The court claims that the candidate “concealed assets” and “failed to provide adequate clarification” regarding campaign expenses.
If he is charged and found guilty, the politician could face penalties, including fines and financial restrictions.
In more severe cases, politicians who do not properly declare their assets may be accused of abusing their financial authority or illegally collecting funds.
If convicted, politicians could be prohibited from running for public office in future elections. For current councilors, individuals may be required to resign from their positions.
Related Posts
The Brazilian electoral court mandates that all candidates for public office submit financial disclosures.
In recent years, the court has broadened its list of relevant assets to include BTC and altcoins. The court also prohibits candidates from accepting cryptocurrency donations.
Brazilian coffee exporters owned by Montesanto Tavares Group filed for bankruptcy protection after significant market volatility left the businesses financially strained. https://t.co/vw1eAB1bFW
— Bloomberg (@business) March 5, 2025
How Did the Court Discover Details of the Candidate’s BTC Purchase?
Investigators indicate that the BTC purchase in question took place in August 2024. However, the court’s documents do not specify how much Bitcoin the individual or his associates acquired.
Furthermore, the court did not disclose how it uncovered the details of the BTC transaction.
The same media outlet, however, pointed out that the Brazilian Electoral Court has the authority to request account and wallet information from crypto exchanges and banks that handle cryptocurrencies.
In recent years, major Brazilian banking institutions such as Nubank have started providing their clients with access to Bitcoin and altcoin markets.
The neobank has previously committed to utilizing its balance sheet to convert 1% of its asset portfolio to BTC.
The post Brazil’s Electoral Court Charges Candidate With Failing to Declare BTC Holdings appeared first on Cryptonews.
