- A Brazilian congressman has proposed creating a national Bitcoin reserve called Bitcoin Sovereign Strategic Reserve (RESBit) to diversify the country’s Treasury.
- The proposal suggests the Central Bank of Brazil would be responsible for acquiring and managing the RESBit, with Bitcoin holdings up to 5% of national reserves, stored in cold wallets.
- Other developing countries like Argentina, Morocco, and Suriname are also moving favorably toward Bitcoin adoption and regulation.
A Brazilian congressman has proposed creating a national Bitcoin (BTC) reserve to help diversify the country’s treasury holdings.
Bill Would Create Bitcoin Sovereign Strategic Reserve
Eros Biondini, a Brazilian congressman, filed a proposal on Monday, November 25th to create a Bitcoin Sovereign Strategic Reserve (RESBit). The reserve would allow Brazil’s central bank to gradually accumulate Bitcoin up to 5% of its total reserves.
The congressman wrote that creating the RESBit “is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development.”
Cold Storage and Reporting Requirements Outlined
Under Biondini’s proposal, the Brazilian central bank would be responsible for acquiring and managing the Bitcoin reserves. The reserves would be stored in cold wallets, with the central bank issuing reports every six months on the reserve’s holdings and transactions.
Brazil Follows Broader Trend Toward Bitcoin Adoption
Brazil’s proposal comes as Bitcoin gains more mainstream traction globally. The United States and other countries have also proposed holding Bitcoin reserves.
Other developing countries taking a more Bitcoin-friendly stance include:
- Argentina under President Javier Milei
- Morocco, which is preparing to legalize cryptocurrencies
- Suriname, where politician Maya Parbhoe has pledged to make Bitcoin legal tender if elected
Some experts believe broader adoption of cryptocurrencies could boost demand and impact prices in the coming years. However, crypto-related legislation continues to face hurdles in many countries.
Conclusion
As governments and central banks around the world warm up to digital assets like Bitcoin, more countries are proposing to hold cryptocurrencies in their reserves. Brazil’s plan for a Bitcoin Strategic Reserve marks a significant step toward mainstream adoption. However, it remains to be seen whether the bill will overcome political opposition in becoming law.
