Online reports that Brazil is considering imposing a tax on cryptocurrency transactions to mitigate the impact of the Financial Transactions Tax (IOF) increase on a broader population. Hugo Motta, Speaker of the Brazilian House of Representatives, raised the idea before a meeting with Finance Minister Fernando Haddad and Senate President Davi Alcolumbre. Motta expressed opposition to the tax increase, saying Brazilians could not afford another tax increase, but supported the idea of extending the tax to cryptocurrency transactions. Legal experts point out that only laws approved by Congress can change the definition of taxable events and include new asset classes in the scope of taxation.