Brazil could become one of the first nations to explicitly pass a regulation promoting the establishment of a national bitcoin reserve. The lower chamber of the Brazilian Congress will discuss Bill 4501/2024, titled “Provides for the formation of a Sovereign Strategic Reserve of Bitcoins by the Federal Government and provides other measures” on August 20, after having been discussed and approved by different committees before.

The project, originally introduced in November, aims to put Brazil ahead in Latin America by laying the groundwork for a central bank-managed bitcoin reserve, which would be funded with part of the country’s foreign reserves. 5% of these reserves could be invested in BTC, totaling nearly $16.5 billion, according to central bank numbers in January.

The primary justification for this move is the diversification of Brazilian reserves, reducing exposure to exchange rate fluctuations and geopolitical risks, and increasing the economic resilience of the country’s finances.

The bill establishes that the central bank will organize the purchases and provide custody for these assets, issuing half-yearly reports to account for their state. Representative Eros Biondini, promoter of this bill, argues that while Brazil is one of the countries with the most adoption, this has not been reflected in government strategies, putting Brazil at a disadvantage compared to other countries in the region.

In addition, the proposal considers this reserve as a possible backing for the issuance of Drex, the Brazilian central bank digital currency (CBDC), which is still in its pilot phase.

While local media have reported that the proposal has support from both opposition and government parties, its approval might be affected by the political turbulence surrounding the arrest of former President Jair Bolsonaro, with opposition supporters announcing that they could boycott the discussion.

Read more: Brazil Introduces Bill to Establish Strategic Bitcoin Reserve

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