The Brazilian Federal Chamber of Deputies is planning a public hearing regarding the potential integration of Bitcoin into national financial reserves.
Discussion in the Chamber
On August 20, Brazil will hold hearings in the Federal Chamber of Deputies to discuss a bill on diversifying part of the national reserves by purchasing Bitcoin.
Plan for Bitcoin Purchases
The proposed law envisions Brazil's Central Bank gradually purchasing Bitcoin to increase its share to 5% of the country’s foreign exchange reserves. All purchased Bitcoin will be stored in cold wallets, and all transactions will be publicly reported.
Examples from Other Countries
The bill cites examples from countries like the United States and El Salvador that have integrated cryptocurrencies into their financial strategies. For instance, in the US, similar actions have occurred, stating that Bitcoin can be purchased without adding further burdens on taxpayers.
Integrating Bitcoin into Brazil's financial system could be a significant step, following examples from other countries. However, details regarding when and under what conditions the Bitcoin holdings might be sold remain unspecified.
