A Brazilian lawmaker has offered a measure that aims to establish a bitcoin reserve for the nation.
A Brazilian lawmaker has introduced a measure that aims to diversify the nation’s financial assets by establishing a bitcoin reserve.
Congressman Eros Biondini introduced a measure on Monday that proposes the establishment of the “Reserva Estratégica Soberana de Bitcoins (RESBit),” also known as the Strategic Sovereign Bitcoin Reserve. The proposed strategy involves the gradual allocation of up to 5% of Brazil’s international reserves, which total approximately $372 billion, to bitcoin.
The measure asserted that the establishment of a bitcoin reserve could improve the country’s economic resilience in the face of geopolitical uncertainties and currency fluctuations.
Additionally, the proposal emphasized the approval of spot Bitcoin exchange-traded funds in the United States and the implementation of Bitcoin as legal tender in El Salvador as examples of innovative national strategies.
Peter Chung and Min Jung, analysts at Presto Research, stated today that Brazil’s measure to establish a bitcoin reserve is comparable to the Bitcoin Act 2024, which was introduced by U.S. Senator Cynthia Lummis in July. Lummis’ bill establishes a method for the United States to retain bitcoin and provides states with the option to do so. Additionally, a Pennsylvania lawmaker advocated for the passage of a new measure that would permit the state treasurer to invest in bitcoin earlier this month.
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