Brazilian Parliament Member Eros Biondini has introduced a bill proposing the creation of a national Bitcoin reserve called the Independent Strategic Bitcoin Reserve (RESBit).
The legislation calls for up to 5% of Brazil’s international reserves (currently estimated at $366 billion) to be held in Bitcoin.
According to the draft, the reserve aims to achieve several strategic goals, including diversifying Brazil’s financial assets, reducing exchange rate and geopolitical risks, promoting blockchain adoption across sectors and providing support for the country’s digital currency, Real Digital (Drex).
Key principles of the RESBit proposal include the gradual and planned acquisition of cryptocurrencies, strict compliance with Brazil’s Fiscal Responsibility Law to maintain the stability of public accounts, and secure storage using technologies such as cold wallets. The bill also mandates transparency through biannual reporting to the National Congress and the public.
The Brazilian Central Bank and the Ministry of Finance will jointly manage RESBit, focusing on using artificial intelligence and blockchain technologies for monitoring and control. If approved, the initiative could put Brazil in a leading position to integrate Bitcoin into national reserves.
*This is not investment advice.