Brazilian lawmaker Eros Biondini (PL-MG) has proposed a new bill at the Chamber of Deputies to form a sovereign Bitcoin reserve, known as RESBit, to strengthen Brazil’s financial infrastructure.
JUST IN: 🇧🇷 A Strategic #Bitcoin Reserve bill has been tabled in Brazil’s Chamber of Deputies pic.twitter.com/NS3cy7md3h
— Bitcoin Archive (@BTC_Archive) November 26, 2024
Filed in the Chamber of Deputies, the bill seeks to modernize the country’s financial management by diversifying assets and promoting blockchain technology.
Bitcoin Reserve Along with Brazil’s Digital Currency ‘Real Digital’
Biondini pointed out that nations such as El Salvador, the United States, China, and members of the European Union have already taken steps to incorporate cryptocurrencies into their economies. He requested the chamber to follow in the footsteps of such nations to remain competitive on the global stage.
The proposed bill proposes allocating up to 5% of Brazil’s international reserves to Bitcoin. This would protect against currency fluctuations and geopolitical risks.
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Moreover, Bitcoin reserves aim to support the issuance of Brazil’s digital currency, the Real Digital (Drex), in both the public and private sectors. The Central Bank of Brazil and the Ministry of Finance would oversee RESBit, ensuring secure storage through technologies like cold wallets.
The bill mandates biannual reports to Congress and the public to ensure transparency and accountability. It also calls for strict adherence to the Financial Responsibility Law and the formation of a technical advisory committee composed of cybersecurity experts.
The committee would guide the management of the Bitcoin Reserve, while the government would promote educational and technological initiatives related to the project.
In the bill, there are provisions for administrative and criminal penalties in case of mismanagement or non-compliance are also included to safeguard public funds.
If the bill passes, this legislation could position Brazil as a leader in financial innovation by integrating cryptocurrency into its national strategy.
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