Brazil’s new finance minister, Dario Durigan, is expected to delay a public consultation on applying a tax on financial operations, locally known as Imposto sobre Operações Financeiras (IOF) to some cryptocurrency transactions, Reuters reported, citing sources familiar with the matter.

Durigan took office on March 20 after Fernando Haddad stepped down to run for governor of São Paulo. Reuters said the new minister wants to focus on microeconomic measures and avoid proposals that could trigger conflict with Congress during an election year.

The postponed consultation centered on a draft decree that could classify some crypto transactions as foreign exchange operations.

That matters because foreign exchange deals in Brazil can face IOF…