Brazil plans to legislate to purchase 5% of its International Reserve in Bitcoin, with the Central Bank and the Ministry of Finance jointly managing it.
On June 12, it was reported that the Brazilian Chamber of Deputies is considering Bill No. 4501 of 2024, which proposes to establish a strategic reserve of bitcoin sovereignty (RESBit), and plans to use up to 5% of international reserves to buy 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 managed by the Central Bank of Brazil in conjunction with the Ministry of Finance, using security technologies such as cold wallets and strict transparency mechanisms. The rapporteur, Congressman Luiz Gastão, has voted in favour of the bill, emphasizing a cautious, gradual implementation strategy to balance the potential benefits with the risks.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Brazil plans to legislate to purchase 5% of its International Reserve in Bitcoin, with the Central Bank and the Ministry of Finance jointly managing it.
On June 12, it was reported that the Brazilian Chamber of Deputies is considering Bill No. 4501 of 2024, which proposes to establish a strategic reserve of bitcoin sovereignty (RESBit), and plans to use up to 5% of international reserves to buy 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 managed by the Central Bank of Brazil in conjunction with the Ministry of Finance, using security technologies such as cold wallets and strict transparency mechanisms. The rapporteur, Congressman Luiz Gastão, has voted in favour of the bill, emphasizing a cautious, gradual implementation strategy to balance the potential benefits with the risks.