{"id":18947,"date":"2024-11-27T12:49:51","date_gmt":"2024-11-27T10:49:51","guid":{"rendered":"https:\/\/forklog.com\/en\/brazilian-lawmaker-proposes-national-bitcoin-reserve\/"},"modified":"2024-11-27T12:49:51","modified_gmt":"2024-11-27T10:49:51","slug":"brazilian-lawmaker-proposes-national-bitcoin-reserve","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/brazilian-lawmaker-proposes-national-bitcoin-reserve\/","title":{"rendered":"Brazilian Lawmaker Proposes National Bitcoin Reserve"},"content":{"rendered":"

Brazilian congressman Eros Biondini has introduced a bill<\/a> aiming to establish a national strategic bitcoin reserve, known as the Reserva Estrat\u00e9gica Soberana de Bitcoins (RESBit).<\/p>\n

The proposal suggests converting up to 5% of the country’s international reserves into the leading cryptocurrency. These reserves reached<\/a> $372 billion as of September 2024.<\/p>\n

The authors believe such a reserve would protect the treasury from currency fluctuations and geopolitical risks. Another function would be to support the issuance of Brazil’s CBDC, Drex.<\/p>\n

The bill’s creators propose that the reserve be managed by Brazil’s central bank and the Ministry of Finance. They would also be tasked with developing a “system of monitoring and control using artificial intelligence and blockchain technologies.”<\/p>\n

In light of these new responsibilities, government officials will be offered training courses “with a focus on international experience.” Managers will be required to report to Congress on their activities every six months, and Biondini’s proposal includes administrative and criminal penalties for rule violations.<\/p>\n

According to analysts at Presto Research, the Brazilian bitcoin reserve will resemble the project by U.S. Senator Cynthia Lummis, the Bitcoin Act 2024<\/a>.<\/p>\n

\n“The race among nations for bitcoins has already begun. […] Brazil is unlikely to be the last country to move in this direction,” stated<\/a> Presto analysts.<\/cite><\/p><\/blockquote>\n

At the time of writing, the bill is under review by the Speaker of the Brazilian House of Representatives.<\/p>\n

In 2022, the country’s government revealed plans to issue a CBDC and recognized bitcoin as legal tender. Within months, one of Brazil’s oldest banks allowed taxes to be paid in cryptocurrency.<\/p>\n

In June 2023, President Luiz In\u00e1cio Lula da Silva signed a law<\/a> granting the central bank authority to oversee digital asset service providers. Cryptocurrencies classified as securities remain under the jurisdiction of Brazil’s securities regulator, CVM.<\/p>\n

In November 2024, a bill to create a national bitcoin reserve was put to a vote in the U.S. Congress.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brazilian congressman Eros Biondini has introduced a bill aiming to establish a national strategic bitcoin reserve, known as the Reserva Estrat\u00e9gica Soberana de Bitcoins (RESBit). The proposal suggests converting up to 5% of the country’s international reserves into the leading cryptocurrency. These reserves reached $372 billion as of September 2024. The authors believe such a […]<\/p>\n","protected":false},"author":1,"featured_media":18946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1641,1437],"class_list":["post-18947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitcoin-reserves","tag-brazil"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18947"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18946"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}