Brazilian officials are attempting to give stricter guidelines to cryptocurrency-related violations, supporting a bunch of new penalties for laundering cash with digital currency. Brazil’s Special Committee of the Chamber of Deputies has supported a bill that essentially applies harsher punishments for financial crimes that utilize digital currencies.

The most recent administrative corrections are important for Bill 2303/15, expanding the size of the fines from 33% of the measure of laundered cash to 66%. The bill additionally proposes to raise the minimum jail term from three to four years and increment the maximum term from 10 years to 16 years and eight months. In addition, increased fines could also be introduced. According to an official government announcement, the bill is dependent upon additional conversations by the Chamber’s Plenary.

Government Deputy Aureo Ribeiro emphasizes that the new bill will assist the state with shielding Brazilians from cryptocurrency scams and frauds. He highlights that in excess of 300,000 individuals were influenced by “financial fraudulent business models with cryptocurrency” in Rio de Janeiro.

Ribeiro was hopeful with regards to different parts of the bill, which manages more extensive digital currency activity, like trades, authority, fiat trades and payments. Ribeiro has reportedly said that Bitcoin will become acknowledged as a payment option in Brazil once the bill is passed into law.

Brazil has seen a few indications of developing digital money advancement and reception recently. In June, the Brazil Stock Exchange approved a Bitcoin exchange-traded fund (ETF), which was preceded by a few other cryptocurrency ETFs that launched recently. In August, Roberto Campos Neto, the head of Brazil’s central bank, approached the state to embrace the cryptocurrency market by reshaping guidelines.