Brazilian Court Upholds Cryptocurrency Payments in Business Deals

A Brazilian court has clarified that accepting cryptocurrency as payment does not nullify a legal business agreement. The ruling came from the Superior Court of Justice (STJ) in response to a special appeal by a woman who had negotiated an apartment and car purchase with partial payments made in I9 coin.

The property was sold for R $850,000, with R $450,000 paid through cryptocurrency transfers. The vehicle sale price was R $180,000, with R $120,000 to be paid in the same manner. However, the saleswoman argued that the use of cryptocurrencies was illicit and aimed at promoting a pyramid scheme.

The Court of Justice of Santa Catarina (TJ-SC) had initially recognized the nullity of the apartment sale due to the buyers' default on payments, which only covered 53% of the price. The agreement for the vehicle sale remained valid. At STJ, the seller claimed that the contractual forecast of cryptocurrency payment was an illicit object.

Minister Nancy Andrighi's report explained that transactions involving cryptocurrencies are recognized as valid within the Brazilian legal system because they lack a specific regulatory framework. However, she emphasized that these transactions carry significant risks for both parties involved.