Brazilian lawmakers have reintroduced a bill to establish a “Strategic Sovereign Bitcoin Reserve” (RESBit) aimed at gradually acquiring one million bitcoins over five years. The initiative seeks to integrate Bitcoin into Brazil’s financial strategy and diversify the nation’s reserves. Proposed by Federal Deputy Luiz Gustavo, the bill includes regulations that prohibit the sale of bitcoins seized by judicial authorities to keep these assets under public control. It also permits the government to pay federal taxes in Bitcoin and encourages state-owned companies to engage in Bitcoin mining and storage. Transparency is emphasized, with RESBit’s Bitcoin holdings to be publicly disclosed online for monitoring and verification. The bill mandates the use of cold wallets, multi-signature wallets, and other global security standards to protect digital assets. Additionally, it allows for spot ETFs backed by Bitcoin assets under specific and temporary conditions. If approved, Brazil would join a select group of countries holding national Bitcoin reserves, potentially surpassing major holders like the United States and China. Previously, El Salvador adopted Bitcoin as part of its national financial policy, holding over seven thousand bitcoins. Other nations, including the United States, Czech Republic, Switzerland, Hong Kong, Ukraine, and Pakistan, are also considering incorporating Bitcoin into their national reserves. Brazil’s move could further enhance Bitcoin’s global financial significance while boosting the country’s financial sovereignty and reserve diversification.
Source: bitcoinmagazine
