Brazil Chamber of Deputies Introduces Bill for National Bitcoin Reserve

In a move to incorporate crypto into Brazil’s financial system, Brazilian federal deputy Eros Biondini has proposed a bill to establish a national Bitcoin reserve. This legislation, presented on Monday, suggests forming the Sovereign Strategic Bitcoin Reserve (RESBit) to diversify Brazil’s National Treasury’s financial assets.

The purpose of RESBit, according to the deputy, is to shield Brazil’s reserves from currency exchange fluctuations and geopolitical risks, promote the use of blockchain technology in both public and private sectors, and provide a solid foundation for issuing Brazil’s new digital currency, the Drex.

Biondini stresses that creating RESBit is a strategic step that places Brazil at the forefront of the digital economy. He expressed to a local media outlet that approving this project is crucial to ensure the country’s economic autonomy and align Brazil with global innovation trends.

The bill also includes plans for public education on crypto assets, suggesting a gradual accumulation of Bitcoin, capped at 5% of Brazil’s international reserves, to be managed through cold wallets.

Moreover, Biondini stated on Monday that any withdrawals from the reserve must adhere to Brazil’s Fiscal Responsibility Law, ensuring financial discipline. The legislation requires all transactions to be reported biannually to the National Congress for transparency purposes.