Next week, Brazilian lawmakers will open debates on a proposal that could allocate nearly $19 billion in Bitcoin to safeguard the country’s finances against currency swings and geopolitical shocks.
Legislative Initiatives on Bitcoin Reserve
The proposal, dubbed the Bitcoin Strategic Reserve (RESBit), will be the focus of an August 20 hearing before Brazil’s Chamber of Deputies. Rather than rushing a vote, officials will first collect views from regulators, banks, and crypto industry leaders.
Support and Expert Opinions
Speakers will include Diego Kolling, Bitcoin strategist at Méliuz, and Julia Rosim from ABcripto, who also leads public policy at Bitso. Supporters point to Brazil’s status as Latin America’s largest crypto market, with over $76 billion in trading volume last year. Deputy Luiz Philippe de Orleans e Bragança, who requested the hearing, highlighted the importance of incorporating technical analysis from monetary authorities.
Future Steps and Potential Consequences
If advanced, the legislation would give custody responsibility to the Central Bank and Finance Ministry, requiring regular performance and risk assessments. It must pass four committees and then receive full votes in both the Chamber and the Senate. Success in this proposal would enable Brazil to become one of the largest economies to officially integrate Bitcoin into its treasury.
Thus, amid the rising popularity of cryptocurrency, Brazil is considering taking on a leadership role in the digital economy, and the proposal for a Bitcoin reserve may reshape how countries approach financial resilience.
