Brazil’s special committee of the Chamber of Deputies will introduce a ‘Bitcoin Bill‘ to legalize the use of $BTC in the country. The Federal Deputy of the country Aureo Ribeiro called Bitcoin a worldwide currency with the potential to change millions of lives.

The recognition of Bitcoin by the Brazilian parliament is a big breakthrough towards global adoption as the country is the ninth-largest economy in the world.

Deputy promises libertarian law for bitcoin and other cryptocurrencies in Brazil | Finances | EarnGurus
Aureo Ribeiro

The majority part of the bill however was focused on tightening regulations around crypto-related crimes where the penalty has been increased by two-thirds. Earlier, crypto money laundering was punished with 6-10 years of imprisonment, but with new regulations coming into effect, it would increase to 16 years. The approved bill would now be analyzed by the Plenary of the Chamber before being implemented.

“The new crypto regulations typify the crimes of fraud in the provision of services of virtual assets, creates the definition of virtual assets and deals with its regulation.”

The Federal Deputy claimed new regulations would improve investment opportunities as heavy fines and punishments would deter scammers. Ribeiro said “the market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians.”