These rules are among several controversial tax measures Durigan, who took office Friday, plans to postpone to avoid losing legal capital in Congress ahead of a presidential election scheduled for later this year, according to the report.

The now-delayed public consultation on crypto taxation was planned after Brazil’s central bank adopted a regulation that equate crypto movements with foreign exchange operations, per the report.

CoinDesk reported Monday (March 23) that classifying some crypto transactions as foreign exchange operations would make the transactions subject to tax rates ranging from 0.38%…