Brazil’s Congress Explores A Bitcoin Strategic Reserve
Could Brazil be the next country to adopt a bitcoin strategic reserve? Legislation is advancing through the country’s Congress that could make that an eventual reality.
The Chamber of Deputies held a hearing last week exploring legislation proposed by Federal Deputy Eros Biondini. The bill would allow an allocation of up to 5% of Brazil’s $344 billion international reserves into bitcoin.
Inspired by similar initiatives out of the United States and elsewhere, the proposal seeks to diversify the country’s reserve assets, hedge against currency and geopolitical risks, and position Brazil as a leader in digital asset innovation. It also includes provisions for keeping the assets in cold storage and semiannual reports to Congress.
During the hearing, Biondini highlighted the project as a way to ensure economic sovereignty, align with global innovation trends and position the country as a global leader: “Brazil is always playing catch-up, but it’s great to see that this time we’re at the forefront.”
While the hearing concluded without consensus, the© Forbes
