The bill aims to "modernize Brazil's technology and financial management," striving to enhance competitiveness in the global digital economy.
Source: cryptoslate
Translation: Blockchain Knight
Brazilian legislator Eros Biondini recently proposed the establishment of a BTC Sovereign Strategic Reserve (RESBit), with a proposed allocation of up to $18.6 billion, equivalent to 5% of Brazil's international reserves as of September.
According to the bill, RESBit will diversify Brazil's treasury assets, protecting international reserves from exchange rate fluctuations and geopolitical risks, and will support the Brazilian central bank's digital currency, Drex.
The bill aims to "modernize Brazil's technology and financial management," striving to enhance competitiveness in the global digital economy.
RESBit points out that many countries that have incorporated blockchain technology into national financial management have achieved success, such as El Salvador, the U.S. approving ETFs, domestic digital yuan, Dubai becoming a crypto asset hub, and the EU's MiCA regulation.
The report also notes that despite high volatility, crypto assets have become a viable asset class in recent years, especially after their market capitalization reached a historic high of $3.5 trillion.
"Despite the instability, data indicates that the status of crypto assets as a legitimate asset class is solidifying. Countries that strategically integrate them into their economies will reap significant benefits in the medium to long term."
According to the bill, the Brazilian central bank and the Ministry of Finance will be responsible for holding BTC and will need to report on RESBit's acquisitions, performance, security, and risks every six months.
In addition to diversifying the country's international reserves, the bill also mentions promoting research and development related to blockchain.
Educational initiatives include training public agencies to implement the RESBit program, creating graduate programs related to blockchain, crypto assets, and cybersecurity in public educational institutions, and incentivizing startups to create projects related to crypto assets.
Biondini stated, "The establishment of RESBit is a strategic measure that positions Brazil at the forefront of the new digital economy, reducing economic risks and expanding opportunities for technological and financial development."
According to the latest report from Chainalysis, Brazil ranks 10th in the global crypto asset adoption index and had the second-largest volume of crypto asset receipts from 2022 to 2023.
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