In a step toward integrating crypto into the country’s financial framework, Brazilian federal deputy Eros Biondini introduced a bill to create a national Bitcoin reserve. 

Brazil’s Proposed Bitcoin Reserve Bill

Filed on Monday, the legislation proposes the establishment of the Sovereign Strategic Bitcoin Reserve (RESBit), which is designed to diversify the financial assets of Brazil’s National Treasury.

According to the deputy, the bill aims to protect Brazil’s reserves from exchange rate fluctuations and geopolitical risks, promote the adoption of blockchain technology across the public and private sectors, and provide solid backing for issuing Drex, Brazil’s new digital currency.

Biondini emphasized that the creation of RESBit is a strategic measure that reportedly positions Brazil at the forefront of the digital economy. The deputy told a local media outlet:

The approval of this project is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends. This initiative is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends.

Public Education On Crypto Assets Included 

The bill also outlines a planned approach to acquiring cryptocurrencies, proposing a “gradual Bitcoin accumulation” limited to 5% of Brazil’s international reserves, with the management of these assets through cold wallets.

In addition, the deputy said on Monday that any spending from the reserve would have to comply with Brazil’s Fiscal Responsibility Law, which ensures fiscal discipline. The legislation mandates that all transactions must be reported semiannuall

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Author: Ronaldo Marquez