Brazilian legislators are making plans to impose stricter guidelines that will enable them to curb digital currency related wrongdoings by endorsing a string of new disciplinary measures for laundering cash with crypto.
Brazil’s Special Committee of the Chamber of Deputies has signed a bill that essentially fixes punishments for monetary wrongdoings that utilize digital currencies like Bitcoin (BTC), as indicated by a statement issued by them on Sept. 29.
The most recent administrative changes concerned the bill 2303/15 which increased the amount of the fines levied on offenders from 33% of the laundered cash to 66%. The bill also proposes to raise minimum jail terms from three to four years, and increase maximize jail time from 10 years to 16 years and eight months including a fine.
Government appointee Aureo Ribeiro spoke on the new bill claiming that it will assist the state with shielding Brazilians from crypto scams, he also purported that over 300,000 individuals were being influenced by fraudulent business models with cryptocurrency in Rio de Janeiro.
“With the absence of regulations, individuals will not be at the mercy of opportunists who are utilizing fraudulent innovations to deceive unsuspecting Brazilians, resulting to a progressive change in the financial market in favor of the Brazilians.” Ribeiro stated.
Ribeiro was hopeful with regards to different parts of the bill, which will manage other facets of digital currency activities like financial exchange, fiat trades and payments. As indicated by a report by a report, Ribeiro said that Bitcoin will become acknowledged as a means of payment for goods and services in Brazil once the bill is passed into law.
Brazil has seen a few indications of developing digital money advancement and reception as of late. In August, the head of Brazil’s National Bank, Roberto Campos Neto, encouraged the people of Brazil to embrace the crypto market by restructuring some rules. In June, the Brazil Stock Exchange introduced the exchange of another Bitcoin trade asset, following past reports of a few other crypto ETFs recently.