Brazil is moving forward with a Bitcoin strategic reserve. This month, Bill 4501 received favorable approval at the Economic Development Committee of the Chamber of Deputies.
Rapporteur Luis Gastão defended the idea of a Bitcoin reserve as a way to protect funds from financial instability. In his official statement, Gastão explicitly cited initiatives from El Salvador, Bhutan, and the U.S. as inspiration for the bill.
Before moving to the Senate, Bill 4501 will need approval from several Congress Committees, like the Science and Technology Committee, as well as the Finance and Taxation Committee.
The proposal, also known as RESBit, aims to allocate up to 5% of Brazilian reserves into Bitcoin. If approved, Brazil would implement a gradual Bitcoin strategy, focusing on long-term accumulation.
This is especially significant as Brazil, being the 9th largest economy in the world, could set a precedent for large-scale Bitcoin adoption among major global economies. Currently, the South American nation owns about $341 billion in its foreign exchange reserves — 5% of that sum would mean $17 billion directly into Bitcoin.
According to bitbo.io, a stockpile of $17 billion would propel Brazil into having the 3rd-largest Bitcoin reserve in the world, ahead of nations like El Salvador, the U.K., and Bhutan.
Brazil’s Bitcoin bill goes even beyond simply allocating Bitcoin. According to the bill, the project also aims to foster education, technological innovation, and operational security. It includes initiatives such as blockchain training programs, digital security education, and public sector workforce development to enhance understanding and integration of Bitcoin within government operations.
Also, RESBit will seek to stimulate the blockchain startup market in Brazil, supporting the crypto industry while building a robust technological infrastructure to facilitate Bitcoin-related initiatives.
WEEX is currently running one of the strongest welcome offers out there: 20% deposit bonus & Up to $30K in trading rewards. If you’re going to trade anyway, why not get rewarded like this?
