Bank

United

Bitcoin

Reserve

<ul class="wp-block-list">
 <li>Brazil proposes a Bitcoin reserve, allocating 5% of its international assets to hedge risks and support its CBDC.</li>  
 <li>The Bitcoin reserve bill includes advanced security, public education, and compliance with Brazil’s fiscal laws.</li>  
 <li>Brazil joins nations exploring Bitcoin as a strategic asset, reflecting growing crypto adoption on a global scale.</li> 
</ul>  
<p>Brazil’s Chamber of Deputies is reviewing a new <a href="https://www.camara.leg.br/proposicoesWeb/prop_mostrarintegra?codteor=2825474&amp;filename=PL%204501/2024" rel="noopener noreferrer nofollow">bill</a> proposing the creation of a national Bitcoin reserve. Federal Deputy Eros Biondini filed the bill on November 25, advocating for up to 5% of Brazil's international reserves to be allocated to Bitcoin.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/CryptoAaravX/status/1861637294924669068
 </div>
</figure>  
<p>The proposed Bitcoin reserve, titled the Sovereign Strategic Reserve of Bitcoins (RESBit), aims to diversify the Treasury’s holdings. The plan also includes supporting Drex, Brazil’s central bank digital currency (<a href="https://www.bcb.gov.br/en/financialstability/drex_en" rel="noopener noreferrer nofollow">CBDC</a>). Biondini highlighted Bitcoin’s potential to hedge against exchange rate fluctuations and geopolitical risks.&nbsp;&nbsp;</p>  
<p>If passed, the reserve would be managed by Brazil’s Central Bank and the Ministry of Finance. Moreover, it would utilize cold wallet storage and advanced blockchain monitoring systems to ensure security and transparency.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-legislative-framework-for-bitcoin-reserve-management-nbsp-nbsp"><strong>Legislative Framework for Bitcoin Reserve Management&nbsp;&nbsp;</strong></h2>  
<p>The legislation emphasizes compliance with Brazil’s Fiscal Responsibility Law. In addition, management would involve regular reporting to the National Congress. Semiannual updates would detail the reserve’s performance and Bitcoin holdings.&nbsp;&nbsp;</p>  
<p>Additionally, the bill includes public education initiatives about digital assets. It proposes a controlled and gradual process for acquiring Bitcoin to build the reserve responsibly.</p>  
<p>Brazil’s move could position it as a leader in adopting cryptocurrencies for sovereign purposes. The initiative reflects a growing trend among nations exploring Bitcoin as a strategic asset. <a href="https://cryptonewsland.com/el-salvadors-bitcoin-bet-yields-81-profit-surge/" rel="noopener noreferrer nofollow">El Salvador</a> and Bhutan have already integrated Bitcoin into their national strategies.&nbsp;&nbsp;</p>  
<h2 class="wp-block-heading" id="h-bitcoin-as-a-strategic-asset-globally-nbsp-nbsp"><strong>Bitcoin as a Strategic Asset Globally&nbsp;&nbsp;</strong></h2>  
<p>The concept of Bitcoin reserves is becoming more popular worldwide. Plans are currently being made for a comparable reserve in the United States. Lawmakers who support cryptocurrencies, like Senator <a href="https://cryptonewsland.com/senator-lummis-hopeful-bitcoin-reserve-bill-passes/" rel="noopener noreferrer nofollow">Cynthia Lummis</a>, suggest accumulating 1 million BTC within a span of five years.&nbsp;</p>  
<p>Brazil’s proposed reserve marks a significant step toward broader Bitcoin adoption. If the bill succeeds, it could encourage other countries to follow suit.</p> 
<p>The post <a href="https://cryptonewsland.com/brazil-eyes-bitcoin-for-treasury-diversification-in-latest-legislative-proposal/" rel="noopener noreferrer nofollow">Brazil Eyes Bitcoin for Treasury Diversification in Latest Legislative Proposal</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Brazil Eyes Bitcoin for Treasury Diversification in Latest Legislative Proposal

Table of Contents

Crypto News Land

Other articles published on Nov 27, 2024

Bulls Confirm a Breakout: Chainlink (LINK) Price Move Steadily Towards $50 From Now

Bitcoin Correction After A Record High : What’s Next ?

Crypto Fear & Greed Index Drops to 75, Moves into ‘Greed’ Zone

Bitget Wallet Partners with tetadex to Simplify Onchain Futures Trading

SUPRA Unveils Token Generation Event with Mainnet Launch and Strategic Exchange Partnerships

CZ Urges a Shift from Meme Coins To Blockchain Applications

Join our free newsletter for daily crypto updates!