A court in Brazil has ruled that a major commercial bank is allowed to inspect one of its debtors’ crypto wallets – and has stated that crypto has “monetary properties.”
According to the media outlet Consultor Jurídico, a branch of the Justice Court of São Paulo State (known locally as TJ-SP) granted a special legal request from Banco Safra, one of the nation’s biggest and busiest banks. The bank had asked the court to let it search a debtor’s crypto wallets to see if they had tokens that could be liquidated.
The TJ-SP’s Chamber of Private Law met to consider the case after hearing that an unnamed debtor had defaulted on payments worth around $289,000.
The bank had failed to convince the TJ-SP in a first legal bid, with the presiding judge at the time stating that it was not up to the court to permit the “indiscriminate and uncertain search of seizable goods.”
But a panel of justices voted unanimously in favor of Banco Safra at a second hearing. The presiding judge, César Zalaf, was...
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