Brazilian authorities are preparing to legalize cryptocurrency, but with tighter transaction controls than in El Salvador.
A bill that would allow the use of Bitcoin to pay for goods was approved by a government commission on Wednesday. Now at a meeting of the Chamber of Deputies they will discuss documents that describe the regulation of virtual currencies.
The bill was introduced by federal deputy Aureo Ribeiro. It also proposes a number of regulatory measures. Thus, fines will increase from one third of the amount of laundered money to two thirds of the amount. The maximum prison term for financial crimes involving digital assets will increase from 10 to more than 16 years.
The deputy said that new rules, large fines and punishments will scare away scammers:
The market in Brazil will grow and develop. There will no longer be speculators using technology to defraud millions of citizens.
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