A Brazillian Congressman has proposed the creation of a national Bitcoin (BTC) reserve in Brazil called Bitcoin Sovereign Strategic Reserve (RESBit – Reserva Estratégica Soberana de Bitcoins, in Portuguese), aiming to diversify the country’s Treasury.
According to Portal do Bitcoin, a local media outlet, the politician, Eros Biondini, filed the proposal on Monday, November 25.
“The creation of RESBit is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development. The approval of this project is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends,” wrote the deputy in the justification for the bill.
As presented, the bill stipulates planned and gradual acquisitions of Bitcoin, up to 5% of the national reserves.
Notably, Biondini’s proposal would make the Central Bank of Brazil responsible for the acquisition and management of the RESBit. The bill also specifies the Reserve’s storage using cold wallets, with half-yearly reports about its movements.
Other developing countries moving favorably toward Bitcoin
This bill comes after Donald Trump and United States politicians signaled the creation of a national Bitcoin reserve in 2025. Following the US leadership, developing countries like Brazil now plan to take a more friendly approach to BTC and cryptocurrencies.
Other countries moving favorably toward Bitcoin are Argentina, under Javier Milei’s administration, and Morocco, as Reuter reported earlier this morning. The latter is preparing to unban cryptocurrencies and create a clear regulatory environment for the digital assets moving forward.
In Suriname, Maya Parbhoe, a known Bitcoin advocate, is running for office with a pro-Bitcoin-focused campaign. Parbhoe pledged to make BTC legal tender there if she wins the election, following El Salvador’s steps in 2021.
As things develop, countries, governments, central banks, and corporate interest in Bitcoin and blockchain technology grow worldwide. Romania recently demonstrated that by running its 2024 presidential election votes publicly in a blockchain, as Finbold reported.
Therefore, it is possible that the world could see increased adoption of cryptocurrencies in the following years, boosting demand, with potential impacts on each underlying asset price and market capitalization.
Nevertheless, these movements are still in their infancy, and bills like the one proposed in Brazil are expected to face political backlash from opposing views, similar to what is seen in Europe, through the European Central Bank.
Featured image from Shutterstock.
Source: https://finbold.com/congressman-proposes-the-creation-of-a-national-bitcoin-reserve-in-brazil/