The Brazilian Congress is considering establishing a Bitcoin strategic reserve, planning to allocate 5% of international reserves

ChainCatcher news, the Brazilian Chamber of Deputies is currently reviewing Bill No. 4501 of 2024, which proposes the establishment of a Bitcoin Sovereign Strategic Reserve (RESBit), planning to allocate up to 5% of international reserves for the purchase of Bitcoin. The bill aims to diversify treasury assets, mitigate exchange rate fluctuations and geopolitical risks, promote the development of blockchain technology, and support Brazil's digital currency (Drex).

The reserve will be jointly managed by the Central Bank of Brazil and the Ministry of Finance, utilizing secure technologies such as cold wallets and establishing a strict transparency mechanism. Rapporteur Congressman 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.