Bitcoin reserve bill gains traction in Brazil as digital real launch nears
Bitcoin reserve bill gains traction in Brazil
A key figure in the Brazilian administration has publicly endorsed the creation of a national Bitcoin reserve, marking a pivotal shift in the country’s approach to digital assets.
The fund would allow Brazil to hold Bitcoin as a hedge against currency volatility and geopolitical uncertainty while advancing blockchain adoption in the public and private sectors, according to Portal do Bitcoin.
Speaking on Tuesday at a high-profile economic event in Brasília, Pedro Giocondo Guerra, chief of staff to Vice President Geraldo Alckmin, emphasized that Bitcoin could serve as a strategic tool for safeguarding Brazil’s financial future.
“Seriously debating the establishment of a sovereign Bitcoin reserve is in the public interest and will be crucial for our prosperity,” he said, calling Bitcoin “the gold of the internet.”
Guerra’s remarks align with a legislative proposal currently under review in Brazil’s Congress Bill 4501/2024, introduced by Congressman Eros Biondini (PL-MG), calls for the creation of the Strategic Sovereign Reserve of Bitcoins (RESBit).
A digital hedge for an evolving economy
If approved, it would allow Brazil to allocate up to 5% of its international reserves to Bitcoin through a gradual acquisition strategy. The reserve could also serve as partial backing for Drex, Brazil’s upcoming central bank digital currency (CBDC), expected to launch later this year.
Supporters of the bill say it would help future-proof Brazil’s economy by diversifying its reserve holdings and promoting leadership in the digital economy. The proposal is currently awaiting the appointment of a rapporteur in the Economic Development Committee (CDE).
Bitcoin is currently trading at $88,191, with other major cryptocurrencies showing modest gains across the board.
Meanwhile, Brazil has solidified its status as a global leader in crypto, with 26 million citizens—12% of the population—owning digital assets. This ranks the country sixth worldwide in crypto adoption, highlighting its growing impact in the sector.
