Brazil's parliament considers establishing a strategic Bitcoin reserve, intends to invest 5% of international reserves

Odaily News The Brazilian House of Representatives is considering Bill No. 4501 of 2024, which proposes the establishment of a sovereign strategic reserve of Bitcoin (RESBit), with a plan to use up to 5% of international reserves to purchase Bitcoin. The bill aims to diversify treasury assets, protect against exchange rate fluctuations and geopolitical risks, promote the development of blockchain technology, and provide support for the Brazilian digital currency (Drex). The reserve will be jointly managed by the Central Bank of Brazil and the Ministry of Finance, using security technologies such as cold wallets and establishing a strict transparency mechanism. Rapporteur Luiz Gastão has voted in favor of the bill, emphasizing that a cautious and gradual implementation strategy will be adopted to balance potential benefits and risks.