Bitcoin

Brazil&#39;s Congress is evaluating a <a href="https://www.camara.leg.br/proposicoesWeb/fichadetramitacao?idProposicao&#61;2471228" rel="noopener noreferrer nofollow">proposal</a> to create a Sovereign Strategic Bitcoin Reserve (RESBit). The initiative aims to protect the country’s economy from currency fluctuations and geopolitical risks. Congressman Eros Biondini introduced the legislation on November 25.The proposal seeks to diversify Brazil&#39;s $355 billion national reserves. Currently, such reserves are mainly anchored on fiat currencies such as the US dollar. <a href="https://cryptotale.org/bitcoin-holds-92k-ada-and-altcoins-struggle-in-market-dip/" rel="noopener noreferrer nofollow">Bitcoin</a>, under the plan, would be a part of the country’s reserves amounting to five percent at most. The acquisitions would be made in phases in an effort to reduce some of the risks.The central bank would manage the Bitcoin assets using blockchain and artificial intelligence technologies. A technical advisory committee of security experts would provide additional support. The reserve would also back Brazil’s upcoming central bank digital currency, the Real Digital (Drex).The draft law cites El Salvador as a success story of Bitcoin adoption. El Salvador adopted Bitcoin as a legal tender earlier in 2021 and has acquired nearly 6,000 BTC. It holds $542 million worth of Bitcoins at the moment. This bill focuses on how Bitcoin contributed to the diversification of the <a href="https://cryptotale.org/crypto-nation-el-salvadors-quest-to-become-a-bitcoin-hub/" rel="noopener noreferrer nofollow">El Salvador</a> economy.<a href="https://cryptotale.org/brazils-congress-eyes-btc-to-diversify-national-reserves/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Brazil’s Congress Eyes BTC to Diversify National Reserves

CryptoTale

Other articles published on Nov 27, 2024

Analyst Now Anticipates Major XRP Rally Within 48 Hours

Crypto Bulls Are Betting on Catzilla Coin to Repeat Cardano’s over 10,000% Rise

Ripple Labs Commits $25M To Support Crypto Fairshake PAC

Ripple (XRP) Price Prediction for This Week

Court Overturns Tornado Cash Sanctions, Crypto Token Soars Over 400%

Looking for High-Growth Investments? This Bullish x700 Coin Is Poised to Repeat Dogecoin’s 2021 S...

Join our free newsletter for daily crypto updates!