The legislation, titled “Projeto de Lei 4501/2024″ and authored by Federal Deputy Eros Biondini, aims to position Brazil as a leader in digital innovation and safeguard the economy against global uncertainties. If approved, the bill will enable the government to allocate up to 5% of the country’s international reserves to bitcoin (BTC).

According to the proposal, this strategic diversification is intended to reduce Brazil’s exposure to currency volatility and geopolitical risks while fostering the adoption of blockchain technology across public and private sectors. The RESBit initiative includes measures to ensure transparency and accountability.

Under the proposed framework, the Central Bank of Brazil, in collaboration with the Ministry of Finance, will oversee the reserve’s management. Regular semiannual reports detailing acquisitions, performance, and associated risks will be presented to Congress and the public.

To address security concerns, the bill further mandates the use of advanced storage methods such as cold wallets and decentralized backup protocols to safeguard the nation state’s digital assets. A key component of the legislation involves aligning the reserve with Brazil’s broader economic objectives.

This includes exploring bitcoin (BTC) as potential collateral for the nation’s upcoming central bank digital currency, the real digital (drex). Additionally, the proposal emphasizes fostering education and innovation, with initiatives to train public servants and incentivize blockchain startups.

The bill’s justification highlights the global precedent for integrating cryptocurrencies into national strategies. It cites examples such as El Salvador’s adoption of bitcoin as legal tender, the U.S. approval of bitcoin exchange-traded funds (ETFs), and Dubai’s emergence as a hub for blockchain innovation. Proponents argue that Brazil’s high adoption rate of cryptocurrencies, with over 16% of the population reportedly engaged in crypto-related activities in 2022, makes this initiative both timely and advantageous.

Critics may raise concerns about volatility and regulatory challenges, but the bill’s backers insist that strategic planning and strong oversight will mitigate risks. The legislation also pledges adherence to fiscal responsibility laws to ensure that the initiative does not jeopardize public finances.

If passed, the RESBit could mark a significant step toward integrating digital assets into Brazil’s economic framework, aligning the country with global trends in financial innovation. Brazil’s announcement aligns with growing chatter in the United States about creating a BTC reserve, a concept that has gained traction since Donald Trump’s presidential victory. Dubbed the “Strategic Bitcoin Reserve,” this initiative is widely regarded as a bold effort to cement the U.S.’s place as a leader in cryptocurrency adoption and financial advancement.

Wyoming Senator Cynthia Lummis has emerged as a vocal champion of the idea, pushing forward legislation that outlines how the Treasury could acquire and safeguard these digital assets. The proposal, which was mentioned prominently during Trump’s campaign, outlines a plan to purchase up to one million bitcoins over the course of several years. Advocates see this reserve as a way to reinforce the U.S. dollar’s role as the global reserve currency while also offering a creative approach to chipping away at the national debt by capitalizing on bitcoin’s increasing value.

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