Brazilian lawmakers have decided to seek a tougher stance on financial crimes pertaining to cryptocurrencies.
Legislators are coming together to introduce new and clear-cut penalties for people attempting to launder financial gains using digital currencies.
Brazil’s Special Committee of the Chamber of Deputies has passed a bill that details financial crimes carried out in crypto and what the punishments for such crimes will be.
While the bill has not been passed into a law just yet, there seems to be enough support to reasonably expect this would be the case.
Federal deputy Aureo Ribeiro said that the new bill intends to protect ordinary Brazilians from falling victim to crypto scams and punish those to blame with the full force of the law.
“With the lack of regulation, people have nowhere to turn. The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians”, the deputy warned.
However, he also feels optimistic that the bill can lead to a better understanding of how crypto runs and operates and generally boost public awareness of fraudulent activities.
Many legislators agree Bitcoin will become an accepted payment method in Brazil sooner or later.
The current bill is an attempt to make sure that when this time comes, the public will be well-equipped to make a quicker transition towards crypto.