Brazil could become one of the first nations to explicitly pass a regulation promoting the establishment of a national bitcoin reserve. The lower chamber of the Brazilian Congress will discuss Bill 4501/2024, titled “Provides for the formation of a Sovereign Strategic Reserve of Bitcoins by the Federal Government and provides other measures” on August 20, after having been discussed and approved by different committees before.
The project, originally introduced in November, aims to put Brazil ahead in Latin America by laying the groundwork for a central bank-managed bitcoin reserve, which would be funded with part of the country’s foreign reserves. 5% of these reserves could be invested in BTC, totaling nearly $16.5 billion, according to central bank numbers in January.
The primary justification for this move is the diversification of Brazilian reserves, reducing exposure to exchange rate fluctuations and geopolitical risks, and increasing the economic resilience of the country’s finances.
Read more.
The newly approved Investment Bank Law aims to turn El Salvador into a fintech hub in Latin America, including bitcoin and crypto assets as a relevant part of this future. The law, passed by the National Assembly on August 7, recognizes investment banks as different structures compared to standard banks and allows them to offer more tools, like bitcoin and crypto assets, to entice “sophisticated investors.”
These institutions, which will need to have a capital of at least $50 million, will cater to this kind of investor, who will have to be certified as having financial market knowledge and possessing at least $250,000 to operate.
The new investment banks will accommodate several use cases, encompassing fundraising processes, offering credit and financing opportunities, organizing foreign exchange operations, and establishing guarantees, among other complementary services.
Read more.
The Central Bank of Brazil aims to accelerate the development of a central bank digital currency to deliver a working solution as soon as possible. According to local media reports, drex, the Brazilian Central Bank Digital Currency (CBDC), will abandon most of its tokenization and blockchain elements, targeting a launch date in 2026.
Fabio Araujo, coordinator of the drex project at the central bank, confirmed this change, stating that the new proposal will be delivered in two phases: the first phase will not include a decentralized aspect, with an expected launch next year, and the second phase will continue to implement and mature blockchain technologies.
Read more.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam Insights newsletter below.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
