Brazil Proposes National Bitcoin Reserve

The Economic Development Committee in Brazil is reviewing Bill PL 4501/2023, which proposes the creation of a national Bitcoin reserve. The initiative, submitted by Federal Deputy Eros Biondini, allows for up to 5% of the country’s foreign exchange reserves to be allocated to Bitcoin.

The bill’s rapporteur, Luis Gastão, argues that the measure would help diversify Brazil’s asset portfolio and reduce dependence on traditional fiat currencies. According to the proposal, the reserve would be managed by the Central Bank of Brazil and the Ministry of Finance, using secure cold wallets for digital asset storage.