The Brazilian parliament is considering establishing a Bitcoin strategic reserve and plans to invest 5% in international reserves

Odaily Planet Daily News: The Brazilian House of Representatives is currently reviewing Bill 4501 of 2024, which proposes the establishment of a Bitcoin Sovereign Strategic Reserve (RESBit) and plans to use up to 5% of international reserves to purchase Bitcoin. The bill aims to diversify national treasury assets, resist exchange rate fluctuations and geopolitical risks, promote the development of blockchain technology, and provide support for Brazil's digital currency (Drex). The reserve will be jointly managed by the Brazilian central bank and the Ministry of Finance, using secure technologies such as cold wallets, and establishing strict transparency mechanisms. Speaker Luiz Gast ã o, a member of parliament, has voted in support of the bill, emphasizing a cautious and gradual implementation strategy to balance potential benefits and risks.