While bitcoin has become one of the hottest assets this year, with the influence of President Trump’s embrace and ongoing regulatory efforts, central banks are still wary of acknowledging bitcoin as one of the most powerful reserve assets ever created.

The Central Bank of Brazil had the once-in-a-lifetime opportunity to support an initiative that would lead Brazil to become a regional powerhouse, enacting regulations that would pave the way for the creation of a strategic bitcoin reserve. Instead, it decided to go against the measure, failing to recognize the advantages that investing in bitcoin might bring to the country.

At a recent Congressional hearing discussing a bill that would invest up to 5% of Brazil’s foreign reserves in bitcoin, a bank representative highlighted that the cryptocurrency “was treated as a capital instrument, not a financial instrument or reserve asset.” Also, he stressed that according to internal studies, acquiring bitcoin would “increase the risks” associated with these reserves, taking an opposite stance.

While this is just the first step in the parliamentary journey of the bill, the central bank’s position might sway representatives and senators from supporting this bill, affecting Brazil’s unique opportunity to position itself as a crypto hub in Latam, alongside El Salvador.

Nonetheless, there is hope that educated lawmakers can study bitcoin and learn about the characteristics that make it an ideal reserve asset, supporting the bill and making Brazil a crypto pioneer in the region.

Lawmakers must overcome this central bank guidance and rush behind this bill, which will unequivocally bring progress and revenue to the Brazilian people. Failing to do so would be another fumble in its record.

Read more: Central Bank of Brazil Dismisses Strategic Bitcoin Reserve Implementation

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