What Nikolas Ferreira said about subject PIX and payment institutions to the same banking oversight rules and require them to report transactions to the Federal Revenue Service

Nikolas Ferreira: And now let's leave the legalese and go to real life.

Nikolas Ferreira: You who are a market vendor, manicurist, motoboy, street vendor, self-employed.

If you move more than 5,000 reais in a month via PIX, and that doesn't match what you declared on your income tax return, the Revenue will know.

Nikolas Ferreira: And you can be flagged in a tax audit.

Nikolas Ferreira: You can be called in, you may have to explain.