Brazil’s Chamber of Deputies Introduces Bill for National Bitcoin Reserve

In a move that could potentially shape Brazil’s financial landscape, federal deputy Eros Biondini recently introduced a bill to establish a national Bitcoin reserve. This Sovereign Strategic Bitcoin Reserve (RESBit) is designed to diversify Brazil’s National Treasury’s financial assets.

The bill aims to protect Brazil’s reserves from fluctuations in exchange rates and geopolitical risks while also promoting the adoption of blockchain technology in both public and private sectors. Additionally, it would provide a solid foundation for issuing Drex, Brazil’s upcoming digital currency.

According to Biondini, the creation of RESBit is a strategic step that positions Brazil at the forefront of the digital economy. He stated in an interview with a local media outlet that the approval of this project is crucial for ensuring the country’s economic sovereignty and aligning Brazil with global innovation trends.

In a bid to educate the public about crypto-assets, the bill suggests a methodical approach to acquiring cryptocurrencies. It proposes a gradual accumulation of Bitcoin limited to 5% of Brazil’s international reserves, with these assets being managed through cold wallets.

Moreover, Biondini emphasized that any expenditure from the reserve must adhere to Brazil’s Fiscal Responsibility Law, which upholds fiscal discipline. The legislation also requires all transactions to be reported twice a year to the National Congress to maintain transparency.