The Central Bank of Brazil took a critical stance on the possible approval of a Strategic Bitcoin Reserve initiative. During a public congressional hearing this week, where several government actors discussed the pros and cons of passing Bill 4501/2024 — which would allow the central bank to purchase up to 5% of its foreign reserves in bitcoin — a bank representative said that bitcoin lacks the requirements to become a reserve asset.
Luís Guilherme Siciliano, head of the International Reserves Department at the Central Bank of Brazil, noted that central bank legislation does not contemplate using bitcoin as a reserve asset. At the hearing, he stated:
The IMF classifies Bitcoin as a non-financial, non-produced asset, similar to land and mineral resources. This means that bitcoin is treated as a capital instrument, not a financial instrument or reserve asset.
Furthermore, he highlighted that bitcoin as a reserve asset was still a rarity and that only 3% of central banks were considering similar moves.
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Several countries are rushing to incorporate digital assets into their financial systems as a means of modernizing and simplifying operations for their users. On Wednesday, the securities watchdog institution in Argentina, the CNV, passed a new resolution that opens a new chapter in the implementation of decentralized technology in securities trading.
General Resolution 1081 establishes that national and foreign stocks, alongside other securities like financial trusts and shares in closed-end mutual funds, can now be issued using decentralized technologies as tokens, following the framework that was subject to public discussion in April.
According to the new ruleset, these assets can now be issued, liquidated, and traded using decentralized platforms like blockchain, securing legal recognition from public and private institutions.
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Crypto adoption is now also moving at a municipal level, with cities adopting a crypto-friendly stance. The city of Buenos Aires recently announced a series of measures aimed at becoming a worldwide leader in cryptocurrency adoption, given the high level of crypto natives living there.
According to city figures, more than 10,000 residents receive payments in cryptocurrency, demonstrating a high level of adoption of these technologies. BA Crypto, as the new program is called, will allow payment of municipal taxes, including housing and permit fees, and even driving licenses and traffic fines in crypto.
The new payments platform already includes a QR-based payment system that allows some local wallets to access the city’s system. In the future, the government will implement a universal payment core that will enable payments to be executed from any crypto wallet.
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