Brazil’s Congress Introduces Bitcoin Strategic Reserve Bill – Crypto News

Recently, a Brazilian federal deputy introduced a new bill in Congress that could make a big splash in the world of cryptocurrency. This bill proposes the creation of a national Bitcoin reserve that would hold up to 5% of Brazil’s international reserves. The goal? To diversify the Treasury’s assets and support the country’s central bank digital currency (CBDC).

The proposed reserve, called the Sovereign Strategic Reserve of Bitcoins (RESBit), would be managed by Brazil’s Central Bank in collaboration with the Ministry of Finance. To keep those digital assets safe and secure, the reserve would use cold wallets.

In a statement about the bill, Federal Deputy Eros Biondini highlighted the importance of this strategic move for Brazil. He sees it as a way to position Brazil at the forefront of the new digital economy, reducing economic risks and opening up new opportunities for technological and financial development.

The reserve wouldn’t just be a storage locker for Bitcoin. It would also support the issuance of Drex, Brazil’s own CBDC. To ensure everything runs smoothly, the reserve would use advanced monitoring systems based on artificial intelligence and blockchain technology to maintain transaction integrity.

Biondini’s bill points out that the cryptocurrency market has been expanding steadily. In 2021, the total global cryptocurrency market value exceeded $3 trillion. While we know cryptocurrencies can be volatile, they’re also becoming a recognized asset class.

This legislation isn’t just about setting up a reserve—it also includes plans for educational programs to help the public learn more about digital assets. The whole process would be implemented gradually and carefully through a controlled acquisition strategy.

It’s an exciting time for Brazil as they explore this innovative approach to managing their reserves and embracing the world of cryptocurrencies. Stay tuned to see how this bill progresses and what it could mean for the future of digital assets in Brazil.